Public finance

Legislators and transit groups are pushing to get transit reform across the finish line this month, lawmakers and stakeholders said Friday.

As the technical picture tends to turn "more favorable" during November and December, Birch Creek strategists believe "the wider new issue concessions brought about via the heavy new issue calendar will likely be rewarded."

The Senate passed the ROAD to Housing Act, which should boost the use of mortgage revenue bonds, as a rider on the Defense Reauthorization Act.

"It is a big problem across the board with all types of deal participants perhaps venturing into unregistered MA activity," said Susan Gaffney.

The state is gearing up to grow its space industry as the federal government starts allowing tax-exempt private activity bond financing for spaceports.

The average weekly issuance is at least $10 billion, said John Flahive, head of investment solutions and co-head of municipal bonds at Insight Investment.

Federal Reserve Gov. Michael Barr called for a cautious approach, emphasizing the possibility that tariffs will create persistent inflation. 

Will the Federal Reserve cut rates in October? BNP Paribas Chief U.S. Economist James Egelhof discusses the meeting and Chair Jerome Powell's press conference.

The ratings agency cited low days cash on hand and operating losses at the system, which operates one of the leading academic medical centers in Kentucky.

The longer the shutdown of many federal government operations lasts, the worse it becomes for cities, states and other bond-issuing entities.

The county awarded $215 million of general obligation limited tax bonds for a jail project with uncertain future funding to lowest bidder BofA Securities.

The Howard Jarvis Taxpayers Association appealed to California's high court in a case challenging San Jose's plans to issue pension obligation bonds.

Bondholders say the insurers reneged on the bond insurance terms, which both firms deny in filings for the case, filed six years after the COFINA restucturing.

The Fayetteville Public Works Commission bonds are to be priced competivitely Oct. 21.

Municipals are impacted by fluctuating supply and demand influences more than most other markets, said Jeff Timlin, a partner at Sage Advisory.

Carving up risk allows buyers who normally shy away from junk bonds to buy the pooled securities.

Illinois school districts face worsening credit pressure due rising personnel and special education costs and slower home price growth, S&P Global Ratings said.

The Pennsylvania healthcare system is touting plans to grow its network as it funds an expansion for its largest hospital, in York.

The large issuance of munis this year, up 12.9% year-to-date, "disadvantaged" the asset class compared to other U.S. fixed income assets for a majority of 2025, said Pat Haskell, head of the municipal bond group at BlackRock.

Stanford University increased a commercial paper program by $500 million to $1 billion, marking the latest institution in U.S. higher education to do.