Public finance

Tax-exempt advance refundings emerge as the top priority for muni market participants as Congress debates reconciliation budget measure.

Congress approved a one-month extension of surface transportation programs, buying more time to continue negotiations over infrastructure and budget bills.

Ratios have moved into a higher, more favorable range, especially in the belly of the curve. The municipal calendar is building, led by taxables and refundings, after they dropped significantly in September.

The current bill is inconsistent with what the Oversight Board has said it is willing to accept.

The Allegheny County Airport Authority sold $832.7 million of bonds to cover two-thirds of the construction costs in the latest example of the region's modernization.

The lower inflows and high-yield outflows can be tied to the correction over the past week and may point to uncertainty from retail investors over broader market volatility.

Despite the recent two-week extension Peter Hein says the timeline is too tight and another week is needed.

September issuance was down more than 32% from the same month in 2020; total issuance so far this year is at $346.48 billion, down 2.4% compared to last year.

Puerto Rico Gov. Pedro Pierluisi said the power agency's new leaders must end the outages plaguing the island.

With a lot of cash still needing to be put to work, the Investment Company Institute showed another large week of inflows at $1.814 billion.

Mayors are urging Congress to preserve major housing support in the reconciliation bill.

KeyBanc Capital Markets priced tax-exempt bonds that will fund more than 300 units in Clayton County, Georgia, with the help of a Fannie Mae finance program.

State Comptroller Thomas DiNapoli's annual report reinfornced the transit authority's struggles that took hold during the pandemic.

The New York City Housing Development Corp.'s chief operating officer, who died Friday, understood bond financing nuances and "connected people and ideas."

Municipals have not tracked directly with the UST moves, where the 10- and 30-year UST has risen 24 and 26 basis points, respectively, from Wednesday. Municipals have seen yields rise by 16 and 11 basis points.

The Plan of Adjustment confirmation hearing will still begin on Nov. 8.

City department heads are being asked to identify projects that would be eligible for federal funding.

The district follows up on a taxable refunding with some new money and refunding as the ink dries on pension legislation that removes the threat of insolvency.

Chris Johns and JT Thompson, portfolio managers at the Aquila Group of Funds talk about the possible return of a BABs-like program and if it’s good or bad news for the tax-exempt bond market. They also discuss infrastructure, tax-exempt advance refundings and monetary policy. (21 minutes)

The high-grade muni scales saw cuts of up to four basis points in a continued selloff Monday as the market faces a robust slate of new issues.