Public finance

With the ink still drying on the central government restructuring, analysts give takeaways from Puerto Rico's bankruptcy. Some point to credit fundamentals, others to lack of willingness to pay, as key drivers of the bankruptcies.

Illinois expects to sell about $1 billion of new-money general obligation debt but the deal could grow if market conditions permit savings on a refunding piece.

Investors will be greeted Monday with a steep drop in volume, with the new-issue calendar estimated at $4.583 billion — less than half of this week's supply.

Total April volume was $34.329 billion in 729 deals versus $37.105 billion in 1,124 issues a year earlier.

Improving tax revenues allowed the mayor to increase the size of his spending proposal while keeping the budget balanced.

Issue is disposition of $1 billion to $2 billion of Puerto Rico government funds.

Investors pulled more from municipal bond mutual funds in the latest week, with Refinitiv Lipper reporting $2.875 billion of outflows, down from $3.548 billion of outflows in the previous week.

Transportation Secretary Pete Buttigieg heard concerns from both sides of the aisle during his latest appearance on Capitol Hill.

The suit by local police pension funds slowed the consolidation process that Gov. J.B. Pritzker touted as helping local governments manage rising pension costs.

Several firms' ability to underwrite municipal bond issues in Texas is under review.

In the week ending April 13, investors pulled $5.526 billion from the funds, down from $7.227 billion of outflows in the previous week, ICI reported.

The city's share of American Relief Plan Act funds eased fiscal pressures and provides runway for the city to work on a pension funding fix.

The Kentucky Public Transportation Infrastructure Authority wants to sell up to $443.8 million in tax-exempt refunding bonds when market conditions improve.

In a win for the Oversight Board and bondholders, an appeals court shut down a teachers' associations challenge, but another case challenging the plan has yet to be decided.

The board says the governor will have to make many changes to its budget.

Relative cheapness, wider spreads and underperformance in munis are providing better value, all set against a very solid and resilient credit background, analysts say, but supply is testing investor sentiment amid volatility.

The Chicago Transit Authority and the Port of Long Beach are among the first public agencies to sign the Equity in Infrastructure Project's pledge.

The Metropolitan Water Reclamation District of Chicago now has $600 million of pension obligation bond authority as it aims for a 100% funded ratio by 2050.

The system is seeking about $7.7 million of past due contributions and loans.

BHSH brings almost $1.5 billion of bonds to refund Beaumont's debt and raise some new money. The new system keeps Spectrum's higher legacy ratings.