Public finance

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.

A downgrade would reverberate throughout the municipal bond market.

The $2.6 billion infrastructure budget stands out as the state's largest ever; bond packages stalled in the previous two years amid political divisions.

The Investment Company Institute reported investors pulled another $137 million out of municipal bond mutual funds in the week ending May 17, after $290 million of outflows the previous week.

New York City is keeping a wary eye on Congress as it considers whether to pause a refunding deal set for next week.

The Oklahoma Turnpike Authority asked the court to approve $500 million of bonds to jumpstart funding for a $5 billion extension project.

Weakening revenues should be a red flag for states, particularly those planning tax cuts, said Lucy Dadayan of the Urban Institute's Tax Policy Center.

"While everyone is watching the federal government experience a debt crisis and come close to defaulting on our nation's debt for the first time in history, Miami's credit rating was just recently upgraded," said Mayor Francis Suarez.

"It's good news/bad news for fixed-income markets," said Nuveen strategists Anders S. Persson and Daniel J. Close.

A consensual plan of adjustment is unlikely to be reached, according to one observer.

Inflation joined supply chain struggles, wage pressures, and the labor shortage — most acutely felt with nursing staff — dragging down the sector's margins.

Austin planned to use property taxes approved by voters in 2020 to pay off bonds for the project.

GFOA Today 2023, day 2

GFOA Today 2023, day 1

Diversity, equity, and inclusion concerns are exerting more influence in public finance.

The new law's uncertain impact on cities and states has been a hot topic at the GFOA's annual conference this week.

The work from home environment will reduce city property tax collections in coming months and years, analysts say, creating financial issues.

Since the 52-week low on April 12, yields have risen by an average of 46 basis points.