Public finance

Maurice "Mossie" Murphy Jr. died after a three-year battle with cancer.

"Markets were expecting (hoping, praying) to get further confirmation that a peak is in and the decline is at least steady, if not accelerating," said Jan Szilagyi, CEO and co-founder of Toggle AI.

Detroit raised its fiscal 2023 and 2024 revenue projections but is proceeding with caution as a potential recession could put a dent in collections and pressures loom as pension payments resume.

The board says the Ad Hoc Group of PREPA bondholders wrongly focused on "confirmation" issues in their attack on the board's proposed disclosure.

Midwest borrowing last year went from 11% year-over-year growth in the first quarter to a 48% plunge in the fourth quarter.

The jump signals a big pipeline of projects on the horizon.

The demographics of the public-sector workforce are likely to change, even as many state and local governments consider increasing wages and improving other benefits to attract and retain employees.

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.