Public finance

The debt was approved for Greensboro and Raleigh.

"While we acknowledge that the market tone is weaker [Monday], we are generally constructive regarding valuations and expect this week's supply to be absorbed fairly well after last week's giveback of the richening witnessed over prior weeks," said Vikram Rai, head of municipal markets strategy at Wells Fargo.

A strong tax collection season combined with compromise to seal the deal in a special session.

Recipients included Marjorie Henning, retired deputy comptroller for public finance for the New York City Comptroller's office; Albert Simons, retired partner at Orrick, Herrington & Sutcliffe; and New York City Budget Director Jacques Jiha. 

"The industry is built on relationships, and it's powered by technology," said Josh Rosenblum, head of algorithmic trading at Brownstone.

The $684 million turnpike deal is one of a spate of recent forward delivery deals driven by interest rate uncertainties. 

There are nearly 30 new-issues over $100 million on tap across the credit spectrum, led by the week's largest negotiated deal from Harris County, Texas, with $950 million of toll road first lien revenue and refunding bonds. The competitive calendar ticks up with several high-grade names.

The number of rural hospitals in the red jumped by 7% in 2023. A Senate Finance Committee discussed aid to help them stay afloat.

Possible solutions include managed lanes, EV mileage fees, and higher registration fees.

"The Fed is going to have to pivot — not on the basis of inflation numbers, but the basis of the real economy," Mohamed El-Erian said.

The median time for issuers in all municipal bond sectors to produce audited financials rose nearly 10.5% from 2011 to 2022, according to a new report.

"In terms of credit quality, high-yield funds proved resilient" while investment-grade funds saw outflows of $673 million, noted J.P. Morgan's Peter DeGroot in a market note.

Muni exchange-traded funds are "dominated" by retail and are "momentum driven," said David Litvack, a tax-exempt strategist and chief investment officer at BofA.

Texas Capital hired Steve Genyk, a former public finance head at UBS Financial Services, as a managing director to lead its new public finance business.

The bond parties opposed to the plan of adjustment have already argued the Puerto Rico Oversight Board's electricity projections are too pessimistic, Judge Swain said.

The measure "sets the table for a likely big tax bill next Congress," said Charles Samuels of Mintz Levin.

"This bipartisan FAA reauthorization bill is the product of endless hours of negotiation and debate and will transform several aspects of flying in the years to come," said Aviation Subcommittee Ranking Member Rep. Steve Cohen, D-Tenn.

Enviva's $353 million in tax-exempt bonds currently are among the liabilities at stake in the company's Chapter 11 bankruptcy.

Fitch Ratings cited new rating criteria and increases in state funding in giving Milwaukee a three-notch bond rating boost. The outlook is stable.

The CPI print keeps the possibility of the Fed cutting rates at least once this year, potentially at least two rate cuts if the data continues to point to a trend of inflation falling further, said Jeff Lipton, a research analyst and market strategist.