Public finance

The N.C. Local Government Commission approved Wake County's request to finance almost $600 million for school and community college projects and the state’s plan to issue $300 million of GARVEEs for DOT work.

Better funding levels prompted S&P Global Ratings to revise the outlook on the state's BBB-plus GO bond rating to positive from stable.

The short end of the market has little room to fall lower.

Judge Swain also allowed Debt Recovery Authority bondholders efforts to protect their collateral to continue.

With all eyes on Friday’s employment report, since several additional strong months of gains are needed for the Federal Reserve to be comfortable announcing a tapering of its asset purchases, Wednesday’s news could signal trouble.

Effective spread data yielded interesting results about the way corporate and municipal bonds were treated by Fed backstop programs.

The rating agency also affirmed the ratings on 18 large airports and major airline hub facilities across the United States.

Pitfalls loom despite improved bond ratings and an improving fiscal picture, according to members of the state's fiscal control board.

Tighter bidding on bonds 10 years and in pushed high-grade benchmark curves to bump yields.

Municipals returned 0.83% in July with a year-to-date return of 1.90%. High-yield returned 1.20% in July and 7.40% year-to-date. Taxables led July with 1.65% returns and 1.95% for the year.

The board recommended federal policymakers talk with Puerto Rico’s government about ways to increase pharmaceutical and medical products manufacturing on the island to expand economic development.

Michigan is bringing $855 million of state trunk line fund bonds to market Tuesday for road and bridge projects.

That expansion wholly depends on Washington actually bringing back the taxable product and making it permanent, a diminishing scenario in 2021.

The city sees room for a new convention hotel, despite nearby competition and pandemic-related setbacks.

Muni participants await a new month with growing issuance, but perhaps not quite enough as issuers are hesitant to add more debt before final word from Washington on infrastructure.

July volume was $31.9 billion keeping the annual pace ahead of last year's record-breaking total. Issuance still lags demand by a large amount — $60 billion by many accounts for August alone — as redemptions coupon payments pile up.

Revenues were also ahead through the first 11 months of fiscal 2021.

Detroit Mayor Mike Duggan warns the revisions threaten the city's post-bankruptcy fiscal progress, but the charter commission calls the claim greatly exaggerated.

Federal Aviation Administration approval of the $2.1 billion transit connector revived heated debate over an undertaking that Gov. Andrew Cuomo has championed.

Experts explore the tangible and intangible costs of cyber breaches and potential risk mitigation strategies.