Public finance

The bond issuance was one step of several taking place Tuesday stemming from the court approval of the HTA plan of adjustment, which reduces HTA's $6.4 billion of total claims by more than 80%.

Despite the volatility in equities and Treasuries, the backdrop for munis is very positive.

The White House has asked for an additional $37.3 billion to send to states and communities that faced natural disasters last year, including $600 million to Jackson, Mississippi, for its water crisis.

The RTA and its service boards are eyeing funding sources to avoid damaging service cuts and fare hikes as they exhaust federal COVID-19 pandemic relief.

It's not just the "right" thing to do; it's good for business, say the Freda Johnson Award winners, Massachusetts Treasurer Deborah Goldberg and Ballard Spahr's Emilie Ninan. They discuss how diversifying the industry is key to growth and success. Lynne Funk hosts. 

"Munis are poised to continue this rally into December as we can end 2022 on a high note and close out the worst-performing year on record for munis," said Jason Wong, vice president of municipals at AmeriVet Securities.

City officials discovered last week that an explanatory sentence required by state statute was left off the ballot. No bonds can be issued until the matter is rectified.

Entering into long-term leases for toll lanes in urban areas would free up transportation dollars for rural areas, said Gov. Bill Lee.

Investors will be greeted Monday with a new-issue calendar estimated at $5.893 billion.

Projected available capacity for the Permanent School Fund's bond guarantee program fell to $653 million at the end of October from $3.52 billion the previous month.

Their support of a plan of adjustment could be key to winning approval from Bankruptcy Judge Swain.

"The MTA's structural gaps remain huge and demand immediate action and a multi-party, multi-year plan" says Citizens Budget Commission President Andrew Rein.

The mediation team asked the Oversight Board to submit delayed data and analyses by end of business on Friday.

Munis saw the best performance in November in decades, with the asset class ending in the positive by 4.68%. The MSRB reported that trading volume reached another record in November, with 1.29 million municipal trades.

The current contract with the operator of the Puerto Rico Electric Power Authority's transmission and distribution system has been temporarily extended until a debt deal gets done.

Powell said smaller interest rate increases are likely ahead — and could start as early as next month.

The private sector remains confused about buying American, potentially slowing how it can react to the needs of states and localities eager to get building.

Total November volume stood at $19.712 billion, the lightest of any month year-to-date, in 527 versus $37.073 billion in 1,055 issues a year earlier, according to Refinitiv data.

Tax-exempt munis have now regained late September levels, and November's rally has eclipsed October's selloff, MMA notes in a weekly report.

Former state transportation official Shailen Bhatt, if confirmed by the full Senate, would play a key role in the rollout of highway funds in the bipartisan infrastructure law.