Public finance

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.

Moody's sees strength in New Jersey's economy and governance. 

Prince George's County Public Schools in Maryland is leveraging the P3 process to build eight new schools while issuing $663 million of taxable bonds.

The Financial Industry Regulatory Authority adds Morgan Stanley to the growing list of firms charged with mark-up and mark-down failures on municipal securities transactions.

Months after the SEC approved several spot bitcoin exchange-traded product shares, a number of Midwest public pension funds are dabbling in crypto investments.

"There's an important 'date certain' the market may overreact to, but by and large, [this] week is looking positive given a lighter new- issue calendar," said AllianceBernstein strategists.

Dallas Fort Worth International Airport received a S&P rating upgrade and a positive rating outlook from Moody's ahead of a $750 million bond sale next week.

Detroit-based Wayne State University will return to market with $31.7 million of general revenue refunding bonds, with proceeds refunding outstanding bonds.

A new classification scheme would allow market participants, both on the buy and sell sides, to correctly identify the source and nature of credit risk in their holdings and to aggregate such risk into meaningful sectors that share common risk drivers.

The utility had $542 million of outstanding tax-exempt special purpose revenue bonds issued through the Hawaii Department of Budget of Finance at year-end 2023.

"After a long-period of muni yields not being that attractive relative to corporates, that's starting to shift," Charles Schwab's Cooper Howard said.

It was a busy week for the nation's only publicly funded high-speed train project, which named a new CEO and debuted electric Caltrain cars following the Republican bill that aims to derail the "expensive mess."

The bondholders have a lien on what has been received and not on what will be received, according to the Oversight Board and Unsecured Creditors.

The Federal Aviation Administration's fourth round of funding through the Airport Improvement Program covers 320 grants in 46 states.