Public finance

Moody's Ratings hiked Detroit's issuer and general obligation unlimited tax bond ratings to Baa2 from Ba1, a milestone for the formerly bankrupt city.

"The upgrades incorporate our view of New Hampshire's improved economic and demographic growth trends that continue to perform near or above those of the U.S. and regional peers," said analyst Thomas Zemetis.

Gov. Spencer Cox wrapped up action on hundreds of bills passed by lawmakers, including measures to boost or limit bond issuance and potentially put some outstanding debt at risk.

This week's new-issue calendar grows and includes some "common benchmark names like CA GO, NYC GO, and WA GO," Birch Creek strategists said.

The compromise spending bill signed into law by President Biden keeps the government open, but whether that success is a sign of future cooperation isn't clear.

Three Pillars Senior Living has already pre-sold 70% of the planned units that will support the bonds.

Andrew Nakahata, who led UBS' western public finance region, will now do the same for TD Securities.

Vivian Altman ascended to managing director and head of public finance at Janney Montgomery Scott in 2017, and is now one of four women leaders in the space.

"What we're doing is just being prudent managing the risk," said Metropolitan Transportation Authority Chief Financial Officer Kevin Willens.

The calendar is led by several high-profile deals, including $2.7 billion of GOs from California, $1.5 billion from New York City and $1.1 billion from Washington. High-yield gets another dose of unrated project finance debt from Miami Worldcenter Project tax increment revenue bonds. The Bond Buyer 30-day visible supply sits at $12.06 billion.

Chicago Mayor Brandon Johnson's real estate transfer tax change ballot measure – also known as the mansion tax or Bring Chicago Home – was headed for defeat.

The initiative proposed by business interests would amend California's constitution to prevent the state from approving tax increases without a two-thirds majority vote of the Legislature and voter approval.

Set to be priced by Jefferies on Monday for retail investors and on Tuesday for institutions, New York City's tax-exempt general obligation bond deal is tentatively structured in four series with two subseries.

To maintain the city's good credit rating and robust fiscal health, New York City Comptroller Brad Lander is also proposing a stronger debt management policy to make sure the city keeps its debt service below 15% of tax revenues.

Hallam will handle high-yield muni sales and trading, focusing on large institutional accounts at the firm.

The Washington refunding deal is built on an extraordinary optional redemption of Build America Bonds despite criticism from investors who hold them.

LSEG Lipper reported fund inflows of $63.8 million for the week ending Wednesday following $300.5 million of inflows the prior week. High-yield saw its 11th consecutive week of inflows at $180.4 million, down from $278.6 million the week prior.

Alex Boutyrski, who joins as a senior vice president, will work in the group launched by John Baracy in February.

The Intermountain Power Agency has warned that the measure, which is aimed at preserving the state's largest coal-fired power plant, poses risks to its bond-financed transition to cleaner fuels.

House Speaker Mike Johnson has unveiled a spending package to keep the government funded for the remainder of FY 2024, setting up a tense window for the bill to be passed before the government shuts down on Saturday morning.