Public finance

Strength that began on Tuesday and continued Wednesday marked the first sessions since early May for positive performance after a hefty selloff, noted Kim Olsan, senior vice president at FHN Financial.

"We are looking for parity with what's in Joliet contract. That is what would successfully allow us to work with the city of Chicago and that would make that alternative the preferred alternative over a new source water project," the commission's Paul May said.

Total volume for the month was $26.062 billion in 677 issues, down from $36.583 billion in 928 issues a year earlier, according to Refinitiv data.

The Legacy Capital Financing Act would give the state another option to fund capital projects after a delayed annual audit prevented the issuance of bonds.

The city council is considering a $4.5 billion to $4.8 billion initial phase of the project. Legislation to stymie bonds did not pass the Texas Legislature.

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Despite the firmer tone Tuesday, May performance has put munis on track for their worst May since 1986.

To date, 332 of the 357 funds have transferred approximately $9.1 billion in assets to the consolidated fund, with most holdouts participating in the lawsuit.

All constitutional options need to be on the table, state Sen. Robert Martwick said, including fund consolidation, pension obligation bonds, new taxes and more.

The long-awaited court decision sided with Idaho landowners by narrowing the EPA's definition of waters of the United States.

Changes affecting the turnpike's board, which take effect Nov. 1, come as it awaits a court ruling on issuing initial bonds for a $5 billion project.

The $350 billion of flexible relief funding sent directly to cities, towns and states under the American Rescue Plan Act will remain untouched under the new debt deal.

The U.S. economy is "too resilient and this will force the Fed to not only deliver more tightening but also to keep rates higher for much longer," OANDA's Edward Moya said. NYC and Connecticut GOs on tap.

The Equity in Infrastructure Project names Everett Lott as vice chair

Now that economic activity has largely resumed, investors and analysts are taking another look at longer-term issues, and the volatile stock market performance since the pandemic is raising concerns.

The New Mexico treasurer recently sent an alert to local governments warning that some are bypassing state banking rules on public deposits.

A top advisor to Brandon Johnson said his administration is still waiting on the advice of incoming CFO Jill Jaworski and budget director Annette Guzman.

Refinitiv Lipper reported $847.068 million of outflows from municipal bond mutual funds, $420.675 million of which was high-yield.

A tender offer and a debt service shortfall related to bonds issued in the wake of Winter Storm Uri popped up this month as its financial impact lingers.

Nathan Flynn will focus on coverage of Midwest and Southeast borrowers and provide an assist on structuring and project financing more broadly, Siebert said.