Public finance

EPB of Chattanooga is seeking the new funds for capital work necessary to accommodate the Tennessee city's expected population growth.

GoldenTree Asset Management, Syncora Guarantee, Assured Guaranty and certain members of an ad hoc group of the power utility's bondholders entered a cooperation agreement where they pledge to work together against the agency's potential debt-cutting plan, according to a court document.

Winterstein's firm advises buy-side and sell-side clients on vetting vendors, looking at synergies between different technologies and advising on their product set.

A $25.5 million cash offer plus some equity was made to acquire Legacy Park, which was financed with $284 million of now-defaulted revenue bonds.

The biggest challenge to the public finance industry at large remains market volatility, according to respondents in The Bond Buyer's Live Market Survey. Forty-six percent named it their top concern, with a recession or economic downturn coming in second at 33%.

The upgrade "reflects a material improvement in the MTA's fiscal outlook, which was largely driven by New York State increasing the maximum rate of the payroll mobility tax," Fitch said.

Michael Whitaker, a career aviation executive, has been unanimously confirmed by the Senate to lead the FAA following Steve Dickson's resignation in March 2022.

Munis experienced some firmness Tuesday, but "whether or not that's going to be for more than a nanosecond remains to be seen," said Jeff Lipton, managing director of credit research at Oppenheimer Inc.

The National League of Cities found mostly good news for city budgets.

San Francisco City Administrator Carmen Chu highlighted challenges the city faces, and how city leaders plan to solve them.

The nearly two-year delay in setting up the per-mile charging fee pilot program means Congress will not be able to consider the feasibility of the fees as it crafts the next surface transportation law.

The Board of Education enters the market with two speculative grade ratings and one investment grade after affirmations from the agencies across the board.

At least two schools are facing the legal costs of terminating the transactions as well as pursuing alternative financing for almost $500 million in construction projects.

In September, New Jersey's combined revenue streams were down 5.1% year-over-year, marking a continued slide across the first quarter of fiscal year 2024.

An elevated new-issue market is on the horizon with $14.87 billion, per The Bond Buyer's 30-day visible supply.

Record-breaking hot temperatures in the Southwest this summer likely had economic consequences and could focus the municipal bond market on heat-related credit risks and infrastructure needs.

The new-issue muni calendar is estimated at $8.522 billion next week with $6.075 billion of negotiated deals on tap and $2.446 billion on the competitive calendar, according to Ipreo and The Bond Buyer.

"That is not how you drive policy and it's certainly not how you drive policy when the impact of policy happens with a lag," Mohamed El-Erian said. "This is the first Fed I know that has not gotten it."

"Nothing is off the table in terms of looking at who we can potentially charge," said Brian Fagel, assistant director of the SEC's Public Finance Abuse Unit.  

"Regardless of the decision made at our next meeting, if the economy evolves as anticipated, in my view, we are likely near or at a holding point on the funds rate," Federal Reserve Bank of Cleveland President Loretta Mester said.