Public finance

Major headwinds for the muni market include climate change, growing federal debt, shrinkage of the workforce, the impact of remote work, cybersecurity attacks, and political polarization. And they are poised to be costly for states and municipalities.

Kaufman Hall & Associates, Piper Sandler and Montague DeRose & Associates moved into the top 10, while CSG Advisors, Estrada Hinojosa and RBC Capital Markets were bumped.

The state's transportation commission took action to end a comprehensive development agreement for a partially bond-financed toll lane project on State Highway 288.

Muni to UST ratios also continue to rise across the curve, inching closer to more normal averages.

Voters in the Milwaukee Public Schools District passed a referendum Tuesday that would raise property taxes to fund $252 million of additional spending.

The eight-year, $1.35 billion property tax levy would have to be approved by the City Council before going to voters in November.

A newly-proposed D.C. budget renovates a sports arena while endangering reserves.

New York State officials are unlikely to meet today's extended deadline for finalizing a fiscal 2025 budget and will probably push it back again.

As another economic indicator pushed investors closer toward the assumption that rate cuts are farther away, the relationship between munis, USTs and the vast amount of capital sitting on the sidelines becomes more challenging to navigate, particularly ahead of the tax-filing deadline and growing new-issue calendar.

Instead of her original proposal, Miami-Dade County Mayor Levine Cava said she will work toward crafting an even larger bonding plan that will also include money for transit projects.

The DOT has made $20.5 billion available to state and local governments, in addition to signing an agreement that expands capacity at the Port of Baltimore following the collapse of the Francis Scott Key Bridge.

Federal agencies will be required to simplify Notice of Funding Opportunities as part of a "complete overhaul" of federal financial assistance rules.

While the number is high, the par amount affected is less than the first quarter of 2023 figures.

This is the second wastewater deal since the city received an upgrade in April 2023.

The aim of the program was to create affordable moderate-income housing more quickly by acquiring existing apartment communities and converting the units to below-market-rate as existing tenants moved out.

The criteria should result in a nearly equal number of upgrades and downgrades in the next half year, according to the rating agency.

Some buying returned to the market Thursday from the buy-side and asset managers as dealers attempted to sell bonds, said Chris Brigati, senior vice president and director of strategic planning and fixed income research at SWBC.

A recent report calls for the elimination of the muni bond tax-exemption.

Two mega deals recently priced with make-whole calls for bonds due in 2034 and shorter where the market does not appear "to be penalizing issuers for including an optional make whole call feature in the short maturity tax-exempt bonds," said Pat Luby, head of Municipal Strategy at CreditSights, in a report.

S&P Global Ratings revised its outlook on the university's debt to negative a month after Moody's Ratings took similar action as the school faces financial difficulties and management changes.