Public finance

Chicago's O'Hare $1.77 billion offering took center stage this week with the city offering a diverse structure to lure buyers.

Many market players have revised their supply projections downward since rising interest rates have slowed down refunding and taxable volumes and general market volatility has stopped some issuers from participating.

Modeled after New York City's Hudson Yards, the plans call for a high-density urban district with a transit terminal and at least 35% affordable housing.

A three-judge panel reversed a district court's ruling in favor of the city's Firefighters' Relief and Retirement Fund that the law was unconstitutional.

After underperforming USTs last week, "munis have given up their earlier performance advantage for August with both asset classes currently earning virtually the same negative returns," said Jeff Lipton, managing director of credit research at Oppenheimer Inc.

Although he called them "excessive and arbitrary," Gov. Pedro Pierluisi agreed to create a reserve fund, reduce the maximum conservation easement tax credit, and freeze implementation of a physician tax incentive.

Ben Watkins, Director of the State of Florida's Bond Division, talks with Chip Barnett about the latest news coming out of the Sunshine State and takes a look at what's happening in Reedy Creek. He discusses Florida's bonding and debt, infrastructure plans and dives into the state's ESG priorities. (30 minutes)

Fed Chair Jerome Powell's message on rates last week combined with seasonal factors to give the market a "weird" vibe this week, one trader said.

The authority maintained positive rating momentum by drawing outlook changes from Moody's on both its water and sewer bonds and from Fitch on its sewer debt.

Moody's says the cut is a credit negative for the U.S. Virgin Islands' matching fund bonds.

The American Rescue Plan was passed without waiving the Pay As You Go Act, which could prevent municipalities from receiving payments on bonds already issued.

The "after-action" report concluded that the Great Hall project would have been better served with a more traditional finance and contracting approach.

UBS was the only bank that underwrites municipal bonds on the list of 10 financial companies determined to be boycotting energy businesses under a Texas law aimed at protecting the state's oil and natural gas industry.

Investors will be greeted Monday with decreased supply with the new-issue calendar estimated at $5.882 billion, down from total sales of $6.134 billion in the week of Aug. 22.

The pension system has sued WAPA demanding immediate payment of more than $2 million in employee contributions.

The state's Board of Public Works could vote on the 50-year concession this fall as Gov. Larry Hogan aims to button up the project before he exits office in January.

Climate science data that guides where and what to build will be key to effective use of new federal dollars.

Outflows from municipal bond mutual funds continued as investors pulled $1.180 billion out of funds in the latest week, according to Refinitiv Lipper data.

The bankruptcy judge indicated her support for the deal reached between Assured Guaranty and Franklin Advisors and Nuveen.

"It was a misguided effort from the beginning to ever use the Bond Commission and any of the work that it does to send a political message to anyone for any reason," said Gov. John Bel Edwards.