Public finance

The nation's fourth-largest city will have new officials at the helm of its government and finances for the first time in eight years.

Brace for an unpredictable year in community finance, where a confluence of global turmoil, mandatory tech advancements, legislative implementation, and potential political upheaval collide with an already fragile insurance market.

State bonds are a key part of the two-state plan to replace the aging Blatnik Bridge, but officials are also seeking more than $1 billion in federal grants.

Triple-A yields fell up to five basis points Friday while USTs were mixed. Munis still underperformed taxables on the week, but the setup for the asset class going into yearend is decidedly positive.

S&P believes the state has sufficient liquidity and reserves to weather the shortfall, but analysts are not seeing the structural steadiness it had that led to the positive outlook, said lead California analyst Oscar Padilla.

The muni market finances the "fabric of our nation, and now, because of Citi's exit, the cost of financing for state and local governments is going to go up," a sell-side source said.

Over a billion dollars of project revenue bonds would support the project

The $250 million of new money social bonds will finance public school construction projects, with another $190 million refunding debt issued to build schools.

The experts, hired by bond parties, say the Oversight Board's economic and expense assumptions underlying its plan of adjustment are too pessimistic.

After months of speculation, the firm confirmed it would "wind down" its municipal underwriting and market-making activities after a "broad-based review" of its muni business, according to a company memo.

Secondary trading showed clear strength across the yield curve Thursday with bellwether names trading up significantly from recent prints and original pricing levels. New-issues in the primary benefited with issuers repricing to lower yields and tight to triple-A curves.

The deal includes $300 million of new money to embark on a $1.4 billion five-year capital plan.

The Arizona Board of Regents adopted a report recommending greater oversight of its three universities after the University of Arizona hit financial trouble.

"The city's commitment to making the tough, but necessary, decisions to get on the path to financial prosperity is commendable," said Department of Community and Economic Development head Rick Siger.

Muni yields fell up to five basis points and dramatically underperformed USTs, as they are wont to do on FOMC days. Treasury yields fell as much as 29 basis points on the two-year and sent the 10-year down closer to the 4% threshold.

Ohio last week opened the first, and so far only, electric vehicle charging station funded under the Bipartisan Infrastructure Law.

Governor Youngkin announced a proposal to move the NHL's Washington Capitals and the NBA's Washington Wizards out of D.C.'s Capital One Arena to Virginia.

Taxpayers will get refunds in April, if the legislature approves the deal.

A project to build a new arena for the NBA's Oklahoma City Thunder will move forward after voters approved the extension of a sales tax.

The budget proposal includes $455 million for the Florida Division of Bond Finance to redeem, defease or purchase outstanding state bonds.