Public finance

To become law, the bill would have to pass the House of Representatives and Senate, gain the governor's signature, and avoid potential blocks by the Puerto Rico Oversight Board and lawsuits.

The largest deal of the week comes from the New York City Transitional Finance Authority with $950 million of exempts and $250 million of taxables.

The junk-rated Chicago Public Schools sold $872 million of new-money and refunding bonds into a rockier market for high-yield paper Thursday.

The investment could repair 15,000 bridges across the country and requires states to set aside at least 15% for local bridges.

BofA Securities led with $62.01 billion of deals. Out of the top five, only Morgan Stanley increased its market share year-over-year.

For investors in the municipal bond market, 2021 proved to be a year of hurdles. This is likely to change, particularly for investors in the municipal bond market.

The primary led Thursday's firmer tone while Chicago schools faced 10 to 20 bp penalties compared to price talk, signifying investors are being more selective and demanding more in the new higher-yield range.

The latest round of federal aid is not enough to move the needle over the long term.

The new water resources act comes as the Army Corps of Engineers' civil works program is set to see the largest influx of funding in its history.

The project will put an equity lens on investment practices that fund infrastructure.

Mayor Eric Adams’s proposal to ask the state to raise the Transitional Finance Authority’s bonding authority by $19 billion is being opposed by Comptroller Brad Lander.

Supply is beginning to roll in and the primary action on Wednesday provided more direction. ICI reports $1.4 billion of inflows.

The financing will help pay for upgrades that will keep the Cleveland Guardians at Progressive Field through 2036.

The Economic Activity Index is up 3.5% from a year earlier.

“We are anticipating a substantial present value savings as a result of our being proactive,” said the spokeswoman for state Treasurer John Schroder.

Federal Reserve Board Chair Jerome Powell would not commit to timing for liftoff, stressing decisions would be data-based and the Fed will not allow inflation to become entrenched.

Swain rejected several legal challenges to the Plan of Adjustment. The Oversight Board must file a final amended plan by Friday.

With an insolvent Highway Trust Fund, alternatives to the federal fuel tax are more important than ever.

Chicago Public Schools returns to the market after resolving a union dispute that shuttered schools amid the spreading omicron COVID-19 variant.

Other concerns include ongoing threats from the coronavirus, inflation and legislative inertia on muni issues in Washington, according to a Bond Buyer survey.