Public finance

The rating agency expects the school to post an operating deficit this year.

City Manager Oliver Chi unveiled a plan to invest $60 million to change the city's current trajectory.

"Illinois is just pure mismanagement," Ryan Frost, managing director of the Reason Foundation's Pension Integrity Project, said.

Issuance year-to-date is $493.063 billion, up 9.3% from $451.079 billion over the same period. With issuance estimated at $13.118 billion in the first week of November, 2024's $500-plus billion record should fall within the next week or two.

The school system, which has an AA underlying bond rating from S&P, was targeted by the Texas Education Agency for a takeover based on academic performance.

Municipal Capital Markets Group and CSG Advisors were new entrants to the top 10, kicking Caine Mitter and Estrada Hinojosa into the top 15.

The Los Angeles Department of Water and Power will sell $977.6 million of water revenue bonds as it grapples with the impacts of January's devastating wildfire.

Technicals are supposed to become slightly more favorable into year-end, said Jeremy Holtz, a portfolio manager at Income Research + Management.

The city said it will take a wide range of measures to try to get through November and December without running out of money.

Chicago Public Schools went to market this week with nearly $1.1 billion of refunding bonds in the largest municipal transaction the district ever completed.

Overall, the top underwriters saw minor shuffling in the first three quarters and no new firms entered the top 10.

The bankruptcy judge suggested Jackson Hospital and Clinic may be closed if it doesn't propose a plan of adjustment before the end of the calendar year.

"The knee-jerk reaction of the markets to the Fed meeting (and press conference) was to sell stocks and bonds, because [Fed] Chairman Jerome Powell said that an additional rate cut in December wasn't a sure thing," said Northlight Asset Management Chief Investment Officer Chris Zaccarelli.

Kutak Rock has added four veteran public finance attorneys and opened offices in Columbus and Cleveland, the firm said Tuesday.

Approval by Doña Ana County of $165 billion of industrial revenue bonds for a massive data center project is being challenged in state court.

New York boasts four of the top 10 issuers, followed by California and Alabama, each with two, and one apiece for Wisconsin and Massachusetts.

After Immigration and Customs Enforcement agents arrested its superintendent, Des Moines Public Schools is taking a $265 million GO bond measure to voters.

The softer-than-expected September consumer price index report, released Friday, reinforced confidence in the likelihood of a Fed rate cut at its October meeting and potentially at its December meeting, said Tom Kozlik, managing director and head of public policy and municipal strategy at HilltopSecurities.

Illinois' Grand Prairie Water Commission went to market Monday in a debut deal as it builds infrastrcture linking the Joliet area with Chicago's water system.