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In a week that culminated in headline-grabbing events — a presidential debate, several Supreme Court decisions, more macroeconomic data to add to Fed policy expectations — municipals closed on a quiet note and in the black for June.
June 28
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Two universities at opposite ends of the state received Moody's downgrades this week.
June 28
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In the first half of 2024, winding-down federal aid, a resurgence of Build America Bond refundings and election uncertainty have contributed to the surge in issuance, said James Welch, a portfolio manager at Principal Asset Management.
June 28
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The Colorado Educational and Cultural Facilities Authority formed a non-profit subsidiary to facilitate the financing, ownership, and operation of the historic hotel.
June 28
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In a separate development, the board asked an appeals court to reconsider its PREPA decision.
June 27
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Municipal bond mutual funds saw outflows as investors pulled $498 million from funds after $16 million of inflows the week prior, according to LSEG Lipper. High-yield funds still saw inflows.
June 27
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Transportation Secretary Pete Buttigieg told lawmakers federal money is being dispensed roughly on schedule, though efforts to streamline certain processes are underway.
June 27
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Passed every two years since 2016, the Water Resources Development Act of 2024 hits on many of President Biden's climate and resiliency goals.
June 27
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LA Metro, which has been considering congestion pricing since 2018, said it had "looked forward to learning lessons" from New York's now paused initiative.
June 27
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Bonds backed by hotel and restaurant bill taxes will pay for upgrades to the home of the Carolina Panthers. The team agreed to commit to the city for 15 more years.
June 27
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David Skeel said he was proud about cutting Puerto Rico's debt and stabilizing the island's finances.
June 26
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June supply appears to be finishing above $45 billion, the third highest monthly total in the last 10 years, said Kim Olsan, vice president of municipal bond trading at FHN Financial.
June 26
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In 2024, variable rate (short put) issuance is up 6.4% increase year-over-year, LSEG data shows. Few expect issuance to return pre-financial crisis levels.
June 26
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Nebraska Gov. Jim Pillen called a special legislative session for July 25 so lawmakers can consider his plan for property tax reform after his April attempt fell short.
June 26
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Two initiatives were dropped from the California ballot as Gov. Gavin Newsom worked to secure a legislative fix.
June 26
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Washington state won the most amount of grants and the most in funding for the second year in a row.
June 26
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Convention centers in Chicago, Cincinnati and St. Louis are being upgraded, although cost increases after the pandemic added challenges to some financings.
June 26
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Demand for the increased supply has been "solid" if nearly largely reliant on income-oriented small lot buyers, noted Municipal Market Analytics, Inc. Partner Matt Fabian. Through last week, buyers continued to be separately managed account/retail in size.
June 25
