Public finance

If the referendum passes, it is expected to have major impacts on the finances of local governments in Florida.

The Texas city will offer $540.55 million of senior lien and $122.45 million of junior lien special tax revenue bonds to investors this week.

Market Intelligence analyst Jeff Lipton says overreliance on financial ratios can obscure forward-looking credit risks, making qualitative factors such as political willingness, management strategy, cyber-threat preparedness, legal security and economic and policy change essential to muni decision-making.

Positive developments in Iran have munis looking stronger, said Tim Iltz of H.J. Sims, but if the headlines turn negative, it could hurt markets in a week with high volume.

"The upgrade also reflects the city's continued financial strength that has extended for decades and been preserved even during recessionary periods via prudent budget management," analysts said. 

Brightline Florida now has until Friday to make the payments, negotiate another extension, or restructure its $5.5 billion of debt.

Two muni veterans are joining PNC's public finance team.

Fitch Ratings raised the outlook on two series of sales tax revenue bonds structured as a TIFIA loan.

The Chicago Board of Education passed an amended fiscal year 2027 budget Thursday that assumes $150 million in additional funding from the state.

Issuance was $44.928 billion in 694 deals, down 19.8% year-over-year from $56.055 billion across 860 transactions.

Although the proposal ultimately didn't become law, that disconnect created an attractive entry point for investors because prices reflected tax policy fears — not deteriorating municipal credit.

Philadelphia has spent the last decade building up its reserves and pension funds. A state oversight board says it can keep doing so for another five years.

After the week's losses, August could kick off with a "buyer's market" for munis, Peter DeGroot wrote for J.P. Morgan.

Analysts say the drought, which is expected to continue for at least several months, could have economic impacts.

President Trump took center stage at the announcement of $20 billion of upgrades to Washington Dulles International Airport, but financing was left to munis.

A California-based technology company was early in the contract phase of acquiring land in Oregon's capital city to build a data center.

With longer-term municipal bond yields falling, there's less of an incentive to issue tender option bonds, analysts said, but a market remains. 

The planned Sites Reservoir project in California faces financial uncertainty as officials await a regulatory decision about its usable water supply.

Wednesday's FOMC meeting helped sparked a selloff in U.S. Treasuries. On Thursday, it was the muni market's turn to react, MMA's Kevin McGuigan said.

PREPA bondholders asked the court to allow actions against Puerto Rico's central government, which they say undermined the authority's ability to pay its bonds.