Public finance

With a high of $450 billion and a low of $330 billion, no firms currently see issuance surpassing the records hit in 2020 and 2021.

This week's $9.4 billion calendar "should easily be absorbed as it is set to be the last full primary calendar of the year, given the Fed meeting the following week and then Christmas and New Year's holidays," Birch Creek Capital strategists said in a weekly report.

The delays have led to a technical default by the design-build contractor on the $450 million project to design, finance, build, operate and maintain the Thruway's 27 service areas.

The City Colleges of Chicago is planning to issue $201 million in unlimited tax GO refunding bonds, bolstered by an upgrade and a new positive rating outlook.

The College of Saint Rose, a private Roman Catholic school in Albany, said Friday it plans to close after this academic year.

Court-approved asset sales and bond exchanges are pushing a participant sports venue, a hospital, and a senior living community closer to exiting Chapter 11.

Moody's Investors Service revised its outlook to positive from stable and affirmed its Aa1 issuer and general obligation unlimited tax bond ratings on the city.

Moody's, which last rated the state triple-A in 1979, pointed to an economy that's "poised for diversification and growth."

Pennsylvania leads the new-issue calendar with $2.1 billion of GOs in four series via the competitive market while the New York City TFA will bring another $1.4 billion of exempts and taxables.

Bond parties to challenge Judge Swain's ruling saying they do not have a lien on revenues, among other things.

City Controller Chris Brown called for more due diligence on financing plans for a $2.6 billion project to renovate Bush Intercontinental Airport's Terminal B.

A significant chunk of the costs will be passed to ratepayers, experts said.

The first fees filed under the MSRB's new rate card model are in line with expectations,but its long term budget growth has some worried about its future.

Earnings from the city's nine casinos and two internet-based gambling services fell year-over-year but remained above 2019 levels, a state regulator said.

"There weren't many exemptions made to paying the fee, which should help maximize revenues and make them more predicable when considering leveraging this new revenue stream for infrastructure improvements," said Howard Cure of Evercore Wealth Management.

Triple-A yields have fallen up to 95 basis points on the month, supply is up 7.8% year-over-year for November and the month is posting positive returns, which has, in turn, led to well over 3.50% returns year-to-date.

Swain rejects five bondholder arguments, bringing approval of the Oversight Board's plan of adjustment nearer.

The higher returns offered by alternatives also carry higher risk.

November's total volume rose 7.8% to $28.464 billion in 652 issues. For volume to top total 2022 issuance, December would need to see $44.329 billion of issuance.

Any treatment of municipal securities as posted collateral must carefully consider the potential impact on market liquidity, financing costs for municipalities, and the broader functioning of the municipal bond market.