Public finance

The New York region's beleaguered transportation agency could need up to $92 billion for its next capital plan, said State Comptroller Thomas DiNapoli. 

The August consumer price index showed inflation remains above the Federal Reserve's target level and makes a 50-basis-point rate cut next week unlikely, economists said. Further, many expect the market will be disappointed going forward, as future cuts will likely be shallower than expected.

Fitch cited economic and demographic factors in explaining the downgrade.

The candidates touched on muni-adjacent issues like energy policy, housing and tariffs but offered little new information on infrastructure proposals or tax policies.

Issuance as of Wednesday is at $345.327 billion, a 32.7% increase over 2023. The Bond Buyer 30-day visible calendar on Monday was at $20.02 billion, the largest in nearly four years.

Robin Prunty, who retired Aug. 31 as S&P's chief analytical officer for governments, took on a role on its U.S. board the next day.

For more than 40 years, she has been a transformative leader, mentor and friend.

Municipals lagged the UST moves again, cheapening ratios and creating a valuable entry point for investors looking for compelling taxable equivalent yields, particularly 10-years and out.

Houston-based Texas Children's Hospital plans to sell about $222 million of tax-exempt, fixed-rate revenue bonds this week.

Full Moon Capital will focus on mid- and smaller-sized specialty credits that are looking to grow.

Fitch also upgraded the city's Georgia Municipal Association certificates of participation (city of Atlanta public safety projects) to AA-plus from AA.

"Investment banking has a variety of personalities working in it, depending on where you are," Rice said. "The M&A business, the trading business, private equity — all of those things fall into investment banking — but public finance is the one area where you're doing things that help provide for the public good." 

"Despite the underperformance of tax-exempt yields last week, we could see some more pressure on both spreads and ratios due to the heavy supply calendar," said Vikram Rai, head of municipal markets strategy at Wells Fargo.

Current Members Andrew Biggs and John Nixon will be reappointed for another three years.

Environmental regulations under fire in California.

"People could trust him and know they were in good hands," said Greg Carey, a co-worker and friend.

Massachusetts drew multiple bidders for all four tranches when it sold $850 million of general obligation bonds competitively last week.

Municipal supply continues to grow as Bond Buyer 30-day visible supply sits at $20.02 billion and the municipal market will see one of the largest weeks of new-issuance at an estimated $13.35 billion, led by three billion-plus deals from Washington, D.C. ($1.6 billion), the New York City Transitional Finance Authority ($1.5 billion) and Illinois ($1 billion).

Eisner Advisory Group Partner Allen Wilen is the chief restructuring officer for Jackson Hospital & Clinic.

It's the latest proposal for a type of national infrastructure financing structure in lieu of the municipal bond market.