Public finance

The Metropolitan Pier and Exposition Authority will restructure a portion of fiscal 2023 debt service amid tax collections still recovering from the pandemic.

While muni performance has turned negative for October, "the asset class is significantly outperforming UST," said Jeff Lipton, managing director of credit research at Oppenheimer Inc.

The bondholders say they are owed $8.3 billion of principal and billions more of unpaid interest.

As issuers push against a financial disclosure bill pending in the Senate, some buy-siders say standardized disclosure would attract more investors and boost liquidity.

The top two municipal bond insurers wrapped $22.897 billion in the first three quarters of 2022, a 21.1% decrease from the $29.028 billion of deals done in the first nine months of 2021.

"Municipal market performance has improved, but the bumpy road continues as investors remain uncertain about the interest rate environment," said Nuveen's Head of Municipals John Miller.

The zoo's parent received double-A-level ratings with the bonds rated one to two notches lower as a result of appropriation risks.

The workers say federal law bars the impairment of their wages.

In its analysis of primary market data from 2019 to 2021, the MSRB showed that market participants fled competitive offerings during the COVID period and preferred private placements.

Population growth is fueling bond proposals in Texas, particularly for schools; K-12 districts there are asking voters for $15 billion of bond authority.

Selling pressure was on the rise again this week. Thursday's $2.919 billion of bonds out for the bid was only surpassed on March 19, 2020, when they hit $4.115 billion. A larger calendar closes out October.

Massive mutual fund selloffs this year have returned the market to a pre-1976 investor landscape, when portfolios focused on individual demand, said MMA's Tom Doe.

Corporate CUSIPs can reach a different, broader set of investors than even taxable munis and offer more issuing flexibility for well-known universities.

There is chatter about a restructuring of UPR bonds, which have been paid throughout the territory's bankruptcy; the university's accreditation is a factor.

The operator of the South Terminal said it expects to prove hundreds of millions of dollars in damages caused by the city of Austin's "unlawful actions."

The sale will fund improvements and repairs to public parks, waterfronts, and roads across the double-A-plus rated city.

"The curve slope has undergone a massive flattening this year and recent trends suggest demand pockets are developing in specific ranges," said Kim Olsan, senior vice president of municipal bond trading at FHN Financial.

If the IRA's tax credits prove popular for building clean energy projects, they may be expanded into basic infrastructure financing, said University of Chicago professor Justin Marlowe.

They say the Oversight Board's argument restricting their claims just to money in the sinking fund is wrong.

Outflows continued as investors pulled $4.532 billion from mutual funds in the week ending Oct. 12 after $5.172 billion of outflows the previous week, according to the Investment Company Institute.