Public finance

More than 80% of Michigan's larger cities said they are using ARPA funds for capital improvements like buildings and parks.

The upgrade "is driven by sustained improvements in the city's income tax collections and the city's superior gap-closing capacity," Fitch said.

Moody's negative outlook pinned on rough economic seas ahead for the city, possibly through 2025.

The Investment Company Institute reported investors pulled $136 million from municipal bond mutual funds in the week ending June 28, after $338 million of inflows the previous week.

While all four of Chicago's weakly funded pension funds hit a milestone by posting modest increases in their funded ratios in 2021, they lost ground in 2022 due to investment losses driving up the city's pension burden to $35.4 billion

The express train last week completed a long-awaited extension to the Orlando airport.

The rating agency said the airport has a one-in-three chance of an upgrade over the two-year outlook period.

Much uncertainty remains as the second half of the year begins, with Federal Reserve rates, recession and inflation all still to be decided.

The Florida Insurance Guaranty Association is getting ready to head back to the market next week with a variable-rate bond deal after successfully selling fixed-rate bonds last week to help fund claims from insolvent insurance companies.

"Lower volumes, lighter primary issuance, and heavier reinvestment cash flows are likely going to contribute to a continued bout of muni relative performance," said Birch Creek Capital strategists.

Government says it is unsure how it will be able to make debt and pension payments.

Illinois Comptroller Susana Mendoza will highlight the state's progress on key fiscal metrics during upcoming meetings with the rating agencies and has updated the fiscal 2023 interim audit as the full audited results have not yet been published.

Charles Treece and Azer Akhtar in Washington, D.C., and Jennifer Santangelo in Philadelphia have become partners at Ballard Spahr.

The fund aims to provide capital preservation and use hedging strategies designed to minimize interest rate, event and directional risk.

The SEC has settled with Robert Benecke and his firm Benecke Economics for acting as an unregistered MA in a case that is emblematic of the growing problem regulators and advisors alike face.

The fiscal 2024 General Fund increases 2.5%

For the coming week, investors will be greeted with a new-issue calendar estimated at $304.5 million. This marks the lowest week of issuance in 2023.

The city would issue short-term debt this summer and refund it as part of a long-term bond offering next year.

Buy in starts at $100 and the one-year taxable notes carry a 5% coupon rate. The Green Banks is seeking $350,000 for a green energy upgrade program.

Total volume for the month was $34.436 billion in 744 issues, down from $37.775 billion in 984 issues a year earlier, according to Refinitiv data.