Public finance

The Investment Company Institute reported investors pulled $377 million from to mutual funds in the week ending April 12, after $229 million of inflows the previous week.

They say there are at least six different novel or unsettled questions of law that would be clarified by an appeals court ruling.

One of the largest P3s in the university energy space has landed in court three years into a 50-year contract.

"What are our options? You either pick these banks or you don't. If you don't, business shuts down. We stop building infrastructure," said state Treasurer John Schroder, the bond commission chair.

The Metropolitan Council approved a deal that will bring $1.26 billion of bond funding to the new stadium, replacing a venue that still has outstanding debt.

"We're in a market right now where there's heightened volatility in prices, inconsistent pace of supply, and for investors who need to put money to work, muni ETFs continued to play that role," CreditSights' Pat Luby said.

One underwriter called it a "violent inversion," given that the short end of the municipal and Treasury yield curves were so dislocated.

While the system took a hit during the COVID-19 pandemic, total traffic hit 94% of pre-pandemic levels in 2022. Traffic for the first two months of 2023 was 99% of levels in the same period of 2019.

"We know this cliff is coming," said state Sen. Ram Villivalam, head of the state Senate transportation committee. "What structural reforms are we looking at implementing? What innovation can we pursue?"

The parties haven't been engaging in mediation, angering Judge Swain.

A default would halt federal payments and could delay key infrastructure projects

A bill that advanced last week in the Texas Legislature would force a citywide vote on bonds for the Project Connect plan to build light rail.

While Nuveen is a storied and well-respected institution in our business, it did not define John Miller.

The "weakness in the secondary market will carry over into this week, which may lead to higher yields and wider spreads in the primary market," said CreditSights strategists Pat Luby and Sam Berzok.

Except for the riskiest sectors, high-yield credit fundamentals appear to be strong, but rising interest rates and fund outflows are dampening primary and secondary market activity.

Still no clarity as the banking crisis adds to the difficulty of predicting an economy still feeling COVID impacts and uncertainty about the prospects for a recession.

A bill to prevent developers from buying bonds issued by their metropolitan districts died, but another measure limiting interest rates in such cases was enacted.

How $5.7 billion will be divided among creditors remains to be figured out.

Investors will be greeted Monday with a new-issue calendar estimated at $7.208 billion, led by $1.3 billion of GOs from bellwether Washington.

Chicago outgoing mayor offered a parting shot against pending state legislation that stands to add to city pension costs, but sponsors say the fix was promised and is needed to avoid violating federal rules.