Public finance

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. 

As investors contemplate rate policy for the remainder of 2024, "there have been a few strategies from which to choose to boost yield — short positioning, curve extension and credit quality," noted Kim Olsan, senior fixed-income portfolio manager at NewSquare Capital.

The possibility of moving stalled housing bills forward combined with promises of down payment assistance is offering hope to housing advocates.

Loop Capital's Jim Reynolds was among the nine private and public entities that signed a pledge to help bring in more historically underutilized businesses on construction projects.

Pent-up demand, dwindling federal aid and lower interest rates led to a 32% increase in municipal issuance in the first half of 2024.

New sales of tax-exempt bonds in California have been gobbled up by buyers looking to shield income from the state's high taxes and to lock in yields.

The measure would have requested $20 billion of bond authority from voters in nine San Francisco-area counties; backers said they would try in a later year.

Municipal bond insurers wrapped $18.592 billion in the first half of 2024, a 19.5% increase from the $15.561 billion insured in the first half of 2023, according to LSEG data.

Barclays rate strategists believe the 10-year part of the Treasury curve has room to cheapen. "In that case, tax-exempts will likely not only follow, but underperform."

Eduardo Ramos had faced insurance fraud charges that were unrelated to his work at the school district.

Proposed guidelines for federal tax credits could undermine the effort to build a clean hydrogen market, critics say.

The state plans to price the bonds in early October.

Municipal bond mutual funds saw inflows as investors added $528.7 million to funds after $674.1 million of inflows the week prior, according to LSEG Lipper. This marks seven straight weeks of inflows.

Long-term liabilities have gone down and revenues have gone up, Fitch said.

Salt Lake City School District is seeking $730 million of bonds and Salt Lake County is asking for $507 million of bonds at the Nov. 5 general election.

Underwriting spreads rose to $7.11 in the first half of 2024 from $3.70 in the first half of 2023.

Missouri Secretary of State John Ashcroft's office said the ruling was "not just legally deficient but also morally wrong."

The top five bond financings came in above $1 billion.

The Investment Company Institute reported $839 million of inflows into municipal bond mutual funds for the week ending Aug. 7 after $442 million of outflows the week prior. Exchange-traded funds saw $680 million of inflows after $950 million of inflows the previous week.