Public finance

The relative health of state treasuries was an area of interest at the National Association of State Treasurers legislative conference.

"The muni AAA [high grade] curve has been relatively steady thus far in March, but lags relative to the broader fixed income market after sizable muni outperformance in February," said J.P. Morgan strategists. 

Taxable munis have returned 1.48% month to date and 0.29% year-to-date while investment-grade munis have seen 0.44% returns so far in March and 0.05% year-to-date. USTs are in the black at 1.43% so far this month but returning -1.76% year-to-date while corporate bonds are returning 1.24% in March but -0.46% year-to-date.

Bond trustee UMB Bank notified bondholders that Branson Airport's leaders want to pursue federal grant funding for maintenance and infrastructure upgrades, but it will require bondholder approval.

Gov. Michelle Lujan Grisham said her public-private sector plan to build a strategic water supply will remain a top priority after a bill for financing failed to advance in the legislature.

The National Football League's Chicago Bears are pursuing plans to build a publicly owned domed stadium in Chicago, boosted by $2 billion of private funds. 

Issuers have increased their debt sale in recent weeks, as issuance has come in above $70 billion year-to-date, according to LSEG data

Raymond James' 10 hires include six senior bankers and an entire Citi public finance team focused on California.

States and local governments can use the funds to hire advisors to consider alternative delivery models for transportation projects.

Market participants said it is yet to be seen whether issuers will pull back their BABs refundings due to concerns after several bondholders sent a letter to the trustee on a Regents of the University of California deal, saying it was "prohibited" from executing the redemption.

Pittsburgh-based Robert Morris University was downgraded by Moody's Ratings. The private university is part of a growing list of smaller higher education institutions, particularly in the Northeast, that are facing increasing financial pressures as the pool of potential students shrinks.  

Vivian Altman, Head of Public Finance at Janney, sits down with Bond Buyer Executive Editor Lynne Funk to discuss the state of the muni market, how the new-issue market is faring and where risks and opportunities exist in the space.

High-yield and taxable munis continue to outperform, supply grows but concentrates in larger deals led by $3 billion of state personal income tax revenue bonds from the Dormitory Authority of the State of New York next week.

"Cry me a river, Rep. John Garamendi, D-Calif., told officials testifying about grant funding problems in the infrastructure law. "You guys have never had it so good."

Sam Graves' term leading the Transportation and Infrastructure Committee is up but he is looking to stay on.

According to FINRA, the mispricing resulted in customer harm amounting to $44,927.83, on top of the $90,000 fine.

One investor is offloading the debt, while another sees an opportunity.

Several investors in a challenge to a University of California Regents Build America Bonds redemption "may give issuers additional reason for pause when vetting similar refundings," J.P. Morgan strategists said.

The market is being led more by supply and demand than ratios or even rates. As ratios sit at extremely tight levels, there are buyers engaging at these levels, but large amounts of cash continue to sit on the sidelines.

Costanzo is only the fourth woman to lead a municipal banking division. Huntington has hired Citi's entire Midwest public finance banking group, and Costanzo said the firm intends to further grow its footprint in the municipal space.