Public finance

A state-by-state review of 2024 midyear issuance in the Far West.

Along with the influx of supply, the muni market remains "constructive" due to attractive yields, said Catherine Stienstra, head of municipal bond investments at Columbia Threadneedle Investments.

The bonds, expected to be rated Aa2 by Moody's, will will be among the earliest general obligation bonds sold by Kentucky school districts since the state passed a law in April allowing such debt by school districts.

New Jersey is poised to sell up to $2.4 billion of bonds for its transportation infrastructure, according to a report from Fitch Ratings. 

A state-by-state review of 2024 midyear issuance in the Southeast.

The region's municipal bond volume grew by 42.4%, outpacing the nationwide 32% increase in a first-half marked by gas prepay deals and Brightline's big sale.

All eyes are on Jackson Hole and Fed Chairman Jerome Powell's speech this week, noted Cooper Howard, a fixed-income strategist at Charles Schwab.

Charter school bond issuance have leveled off as issuers consider labels and alternative structures.

The rating agency estimated the cost of college and university capital needs at $750 billion to $950 billion over the next decade.

"Fed watchers will be parsing Powell's comments for signs that a 50bp rate cut is on the table for September," noted Lauren Saidel-Baker, an economist with ITR Economics. "However, the notoriously tight-lipped chair is unlikely to confirm this, making a 25bp cut the most likely outcome."

The National Association of Bond Lawyers will give out two separate awards to Rep. Dutch Ruppersberger and longtime muni lawyer David Cholst, for their contributions to the organization and industry over the last four decades.

A state-by-state review of 2024 midyear issuance in the Midwest.

"Investor reception will remain the ultimate arbiter of muni performance and … the current state of the tax-exempt space to be well-positioned, even though munis are likely to continue to underperform USTs," said Jeff Lipton, a research analyst and market strategist.

Clyde, Texas, missed payments on certificates of participation due Aug. 1, the same day it declared a water emergency. Bond insurers are paying the holders.

The estimated $100 million raised annually from the 0.5% tax increase on the Nov. 5 ballot could be used to back bonds for affordable housing.

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In this episode, Howard Cure, Director of Municipal Bond Research at Evercore Wealth Management, discusses the improving state of public pensions, the ongoing challenges faced by states like New Jersey and Illinois, and the risks associated with pension obligation bonds.

A state-by-state review of 2024 midyear issuance in the Southwest.

A state-by-state review of 2024 midyear issuance in the Northeast.

At $1.8 billion, the tax-exempt and taxable deal is the largest on the calendar this week and it's the latest offering from the city since a $1.2 billion refunding issuance in July.