Public finance

Nonprofit assisted living and nursing home bonds continue to be under stress, with defaults and impairments on the rise.

Moody's boost to Aa1 to the Desert Community College District affects more than half a billion dollars of general obligation debt.

The airport's bond ratings were raised a notch to A-plus by S&P and to AA by KBRA.

The IFA and CWA launched a tender offer June 23 that closed Friday. The IFA and Citizens' tender invited holders of some bonds sold in 2014, 2016, and 2018 to tender their bonds as part of the water refunding.  

Bond Buyer 30-day visible supply climbs to $13.42 billion while the new-issue calendar is led by a $1 billion-plus New York City Transitional Finance Authority future tax-secured subordinate deal.

The preliminary approval was granted in a New Jersey federal court.

Proceeds from the sale will be used to fund infrastructure projects in the city's $164.8 billion 10-year capital plan.

As the Oklahoma Supreme Court nears a decision on the validity of initial bonds for the turnpike's $5 billion project, property owners again raised objections.

Mr. Wolfe worked at Goldman Sachs, Prudential Securities, E-Bond Trade.com, Merrill Lynch and ButcherMark Financial Advisors. He also led the Illinois Health Facilities Authority and had advisory roles for the city of Phoenix, New York City Health and Hospitals Corp. and Dartmouth College.

Municipal bond mutual fund outflows continued as Refinitiv Lipper reported investors pulled $136.174 million from the funds for the week ending Wednesday following $855.719 million of outflows the week prior.

Transactions announced for the second quarter rose to 20 involving $13.3 billion of revenues from 15 in the first quarter and hit a milestone in more closely resembling pre-COVID-19 mergers and acquisition activity, according to Kaufman Hall's quarterly review.

Transit capital investment grants would be funded at the lowest level in decades under the House GOP 2024 draft bill.

The bond measure was approved by the Senate in late May but is on pause while negotiations are under way between the Senate, Assembly and the governor's team.

The SEC has adopted amendments that will increase minimum liquidity requirements, among other features but will only affect the muni market on the margins.

"The bond market finally got the relief from inflation it was hoping for," said Bryce Doty, senior vice president and senior portfolio manager at Sit Investment Associates. 

A recent paper reveals a combination of factors results in savings for issuers.

The proposed exchange — which extends the final maturity date by two decades but offers features like a tax levy with a direct intercept and trust estate — is the cornerstone of the consent agreement the city struck with a group of 2007 bondholders

The plaintiff that brought the case on behalf of the state says the banks inflated interest rates through a private, invitation-only VRDO index that influenced SIFMA's weekly index.

Treasurer Dale Folwell said the law protects retirees' money from being used for what he called Wall Street's "wacktivist" agenda.

Escalating costs, particularly for wages, could strain budgets or drain reserves, the rating agency said.