Public finance

CommonSpirit Health priced more than $1 billion of debt on schedule Tuesday after disclosing a ransomware attack that has impacted some IT operations.

The Internal Revenue Service has closed its examination of Burlington's taxable Qualified School Construction Bonds with no change after requesting a use of proceeds earlier this year

Triple-A curves were a touch firmer in spots as secondary trading took a backseat to the larger primary activity with Connecticut and Massachusetts pricing general obligation bonds, a large CommonSpirit healthcare and several competitive issues led by Rhode Island GOs.

The Federal Highway Administration mandates would "commandeer" state department of transportation authority, opponents say.

Volume rebounds eightfold this week with a new-issue calendar of $8.5 billion, including several billion-dollar deals.

FAFAA and Gov. Pedro Pierluisi retain some influence over the direction of an adversary proceeding in the PREPA bankruptcy and on the ultimate PREPA bond deal.

"Despite a pick-up in volatility in the rates market, municipals have been performing relatively well in October," according to Barclays PLC.

The nation's largest not-for-profit health system returns to the market with a mix of new money and refunding debt offering tax-exempts and taxables.

The Kansas Corporation Commission approved a $92.7 million securitization for Atmos Energy. It had already approved $328 million for Kansas Gas Service.

States and locals need to move fast to capitalize on the value of upfront funding provided in the infrastructure law, Biden administration officials said.

Refinitiv Lipper reported $2.262 billion of outflows from municipal bond mutual funds for the week ending Wednesday after $2.057 billion the week prior.

California is looking to pioneer the floating wind technology that's required in the deep waters where roughly two-thirds of the country's offshore wind potential exists.

The Investment Company Institute reported $5.128 billion of outflows for the week ending Oct. 5 after $5.374 billion of outflows the previous week.

The dollars mark the second of five years of increased state highway funding promised under the Infrastructure Investment and Jobs Act.

The rating outlook boost to positive from stable follows recent progress on steadying reserve rates and paying down debt, S&P said.

Munis are in the black so far in October and some participants see signs of continued improvement.

The proposed county budget, buoyed by rising tax revenues, a healthy fund balance and pandemic relief, stays the course on supplemental pension funding.

Jeff Davis, senior fellow at the Eno Center for Transportation, talks with Caitlin Devitt about how the midterm elections may affect transportation funding and policy. He discusses likely new chairs on key Congressional committees, legislation to look for next year and the potential spending gridlock if Republicans gain control. (27 minutes)

While October is typically a busy issuance month, 2022 is not shaping up to be as more issuers are sidelined by volatility. The primary market will see another light calendar in the holiday-shortened week.

U.S. Treasuries saw more losses and municipal to UST ratios fell on the day's moves with the long bond valuation below 100%.