Public finance

O'Connor was nominated by Treasurer Fiona Ma for her work on a trust fund program for foster kids and another that finances green P3s.

Julie Burger and Mark Burns will report to Chuck Peck, while Peter Cannava, current head of public finance, will become leader of multifamily capital in Wells Fargo's commercial real estate group.

February municipal bond activity compared to last month is brisk yet more finicky in the face of an ongoing supply shortage, according to Jeff Lipton, head of municipal credit and market strategy and municipal capital markets at Oppenheimer & Co.

Muni issuers are staunchly opposed to what they characterize as an unfunded mandate that provides limited benefits.

Changes to the district's pension code now enshrined in state law put it on a path to full funding in 30 years after voters approved a property tax levy hike.

A reduction in the program's reserves and February debt payments and maturities of outstanding guaranteed bonds will increase capacity by $7 billion to $9 billion.

Rising interest rates depressed refunding opportunities, but new money issuance rose amid demand for infrastructure to serve the region's growing population.

With $300 million of term bonds due in 2051 underperforming in secondary market trading, Kansas officials are eyeing a surplus revenue funded buyback plan.

Total volume in 2022 was at $389.094 billion in 9,123 deals, down 19.5% from the $483.358 billion in 13,130 deals in 2021, according to Refinitiv data.

The two main insurers, Assured Guaranty Municipal Corp. and Build America Mutual, accounted for $28.823 billion of deals in 2022 compared to $37.193 billion of in 2021.

Healthy coffers, revenue growth, and strong market technicals led to declining need for short-term borrowing among municipalities last year.

The transportation bond sector may see the greatest growth in 2023 as a result of the infrastructure act, one analyst said.

"This peculiar shape of the muni yield curve has created a conundrum for investors, as all high-quality municipal bonds, with the possible exception of the long end, have become quite rich," Barclays strategists said.

Low income residents of Puerto Rico won't be charged the proposed monthly fees the Oversight Board said.

Plaintiffs who challenged the legislation plan to ask the Illinois Supreme Court to hear the case. Meanwhile, the consolidation process has moved forward and the majority of funds have transferred their assets.

An initial toll corridor would require $8.5 billion in upgrades, which would be financed by a new bond credit under a plan under consideration by Michigan lawmakers.

The rainy-day fund is currently at $904 million, but Gov. Joseph Lombardo's budget targets $1.6 billion in reserve by the end of the biennium.

"The large taxable refunding or combined transactions were accomplished earlier in the year when rates were relatively low," says John Hallacy.

Citi was barred from underwriting government bonds in Texas under a state law prohibiting contracts with companies that "discriminate" against the firearms industry.

Inflows returned as Lipper reported $775.006 million was added to municipal bond mutual funds in the week ended Wednesday after $361.649 million of outflows the week prior.