Public finance

Issuance has increased, but financial performance and ratings are likely to stay volatile.

Strong and growing sales tax revenues support the bonds. Repayment isn't tied to ridership, which has declined.

Polk County, Iowa is issuing $113 million of general obligation capital loan notes, Series 2024A, for the Des Moines Airport Authority's new terminal project.

Munis posted losses in April, returning negative 1.24%. The asset class is also seeing losses of 1.62% year-to-date.

Sen. Joe Manchin, D-W.Va., has already pledged to try to overturn the rule in Congress.

April's volume stood at $40.456 billion in 653 issues, up 21.2% from $33.377 billion in 666 issues in 2023.

The deal, originally planned at $1.5 billion in three maturities, was downsized and restructured and then restructured again into one 10-year bullet maturity.

In the last few weeks projections from LUMA Energy indicate the authority can afford to pay more bond debt, opposing bond parties say.

While munis were steady Tuesday, yields have risen over the past several weeks as "larger supply is part of a strong [year-to-date] trend for tax-exempts," said Matt Fabian, a partner at Municipal Market Analytics.

Subcommittee Chair Rep. Steve Womack, R-Ark., asked Buttigieg if the $20 billion of federal commitments for transit projects over the next decade "might create a check we can't cash."

The bill would authorize $105 billion in appropriations through 2028 but still faces a few hurdles in Congress.

BNP Paribas' Lindsay Costigan discusses the progress and ongoing challenges for women in the financial sector, her role in pushing for gender parity and diversity in finance, and how critical career decisions at pivotal moments can define success.

School districts, which have been a main driver of debt issuance in Texas, account for 58% of the $17.4 billion of bond requests in Saturday's election.

Climate change presents a higher risk for muni bonds, compared to other investments, because the debt often has longer maturities and therefore, higher vulnerability to the long-term effects of climate change, said S&P' Sustainable1's global head of research and methodology.

Preliminary issuance figures for April are at $39.39 billion, up 18% from April 2023.

The Virginia Resources Authority and the Virginia Housing Development Authority have deals on tap while gilt-edged Delaware is selling its GO debt.

Tribal advocates hope that Congress will take up expanded tribal access to the tax-exempt market next year as the U.S. tax code takes center stage.

"The Fed is certainly not going to be overly concerned about the growth backdrop" at this week's Federal Open Market Committee meeting, said BMO Chief Economist Douglas Porter.

As anti-Israel protests grow at universities across the United States amid a rising tide of anti-Semitic incidents, state and local governments are buying Israel bonds in a show of financial and moral support.

The mayor's executive budget will now be vetted by the City Council; its leaders say Adams' new spending plan shortchanges library and mental health programs.