Public finance

The governor wants the current deal revised and to be able to participate in any mediation talks. Bond insurers, the Unsecured Creditors Committee and authority’s fuel line lenders also want to be included.

The new-issue calendar is $5.45 billion while 30-day visible supply sits at $11.14 billion. The largest deal of the week comes from the New York City Municipal Water Finance Authority with $793.83 million.

The city's current trajectory could drive per-unit costs to $1 million, according to the audit by City Controller Ron Galperin.

Lawmakers are being asked to put off a deadline to consolidate suburban Chicago and downstate police pension assets and extend the deadline for funds to reach a 90% funded ratio by 10 years.

The board also says the bondholders' proposed deadlines for completing a restructuring are too tight.

Investors yanked $1.154 billion out of municipal bond mutual funds in the latest week, Refinitiv Lipper reported.

Some public finance, racial justice, and congressional advocates say baby bonds are needed like never before to combat wealth inequality.

A judge has ordered the state to reconsider its rejection of a bid for a $9 billion P3 for new toll lanes, a move that could delay Gov. Larry Hogan’s priority project.

The Investment Company Institute on Wednesday reported $3.120 billion of outflows in the week ending Feb. 16, up from $993 million of outflows in the previous week.

The Oversight Board also approved a new fiscal plan for the Highways and Transportation Authority.

Between the long holiday weekend and investors trying to absorb the Russia-Ukraine developments, it was a slow start to the week in the municipal market.

The proposal would offset all gas tax losses to the Highway Trust Fund but would still hasten its insolvency.

Municipals have been resilient throughout the pandemic — with the help of federal aid — keeping the Golden Age for public finance alive.

They say a Plan B that does not involve local legislative approval must be negotiated.

At issue is about $400 million the board would like Puerto Rico's government to retain.

The new-issue calendar for the holiday-shortened week is $4.98 billion, with $3.633 billion of negotiated deals and $1.347 billion of competitive loans.

The Puerto Rico Fiscal Agency and Financial Advisory Authority has requested pre-qualified investment banks to provide ideas and opportunities for refunding for savings.

Much of the new infrastructure funding can't flow to states until a full FY22 bill is enacted.

High material costs and labor shortages are expected to persist through 2022 just as states and localities are planning how to spend the Infrastructure Investment and Jobs Act money.

Refinitiv Lipper reported outflows after inflows of $216 million the previous week.