Public finance

"It is not surprising that we have witnessed — and continue to witness — a great migration of Americans away from cities and states pursuing failed policies, with Florida serving as a refuge for freedom and sanity," Gov. Ron DeSantis said.

Lansing's Board of Water and Light is issuing $350 million of tax-exempt bonds in a deal that would fund a tender offer for $232.6 million of outstanding debt.

The Massachusetts Municipal Wholesale Electric Company deal, self-designated as green, will finance a soon-to-open 6.9 megawatt, 35-acre solar power project.

The board says the bondholders have no "unsecured claim" and only a lien on a small amount of money held by the authority when it was placed into bankruptcy.

The offered curve is "still deeply overbought" at all maturities outside of one year, which is "a signal for issuers and sellers to become aggressive," said Matt Fabian, a partner at Municipal Market Analytics.

Republicans are threatening to try to overturn the rule through the Congressional Review Act.

Infrastructure Czar Mitch Landrieu is out of that position to join Joe Biden's campaign staff.

The Governmental Accounting Standards Board's new disclosure requirements focus on concentrations and constraints and governments will have to comply by June 15, 2024.

The agency plans to broaden its current market share and expand into new sectors.

Red state-blue state battles have complicated ESG issuance even as the muni market strives to make it an accepted asset class. The Bond Buyer's Lynne Funk, Karen Pierog, Chip Barnett and Keeley Webster discuss how it's playing out nationally and regionally.

Since November, 10-year munis have fallen 130 basis points, according to Refinitiv MMD. This has pushed ratios to near-record lows, said Jason Wong, vice president of municipals at AmeriVet Securities.

The Alameda Corridor Transportation Authority announced a tender offer as part of a restructuring plan that could culminate in $1.36 billion of bonds.

House Republicans want 2024 appropriations offset with cuts from "COVID-era slush funds."

The state of Illinois is preparing to issue $600 million in new Build Illinois junior sales tax revenue bonds next week.

After this week's sale, the state intends to issue another series of refunding bonds in February in connection with a potential tender offer for taxable GOs and a current refunding of some tax-exempt GOs.

Despite the outperformance this week, and while the asset class had "a stellar December, which rounded out a very solid year," Barclays PLC strategists said the high-grade muni market has become "quite rich."

Judge says the issues can be considered at March's confirmation hearing.

"It's inevitable there will be spending cuts," said Emily Brock, federal liaison for the Government Finance Officers Association.

Without admitting or denying the findings, David Elgart of Sequoia Investments has agreed to a $20,000 fine and an 18-month suspension from association with any FINRA member firm for acting as an unregistered dealer.

"The work done by our agency often focuses on the long-term," said Connecticut State Treasurer Erick Russell.