Public finance

Key institutional players like banks and insurance companies may have less incentive to buy tax-exempt munis if the provision becomes law.

The independent financial services firm will be bulking up its public finance business by hiring additional staff as it looks to Florida's West Coast while supporting its existing offices in Miami and Boca Raton.

October has, on average, been the heaviest new-issue month of the year. Analysts said the lower volume, particularly taxables, was led by many issuers sitting on the sidelines, waiting for a potential package from Washington, D.C.

Gov. Kathy Hochul's thrusts include the MTA Open Data Act; state Comptroller Thomas DiNapoli launched a federal COVID-19 funding tracker.

The city’s timing is good as long as market demand for municipals, especially higher yielding paper, stays on track, municipal bond investors say.

Amid a flattening municipal yield curve and inversion of the Treasury market, new issues fared better than the secondary on Thursday as participants prepared for month end.

The lack of inclusion of the muni market's priorities in the reconciliation framework sends a strong signal they're unlikely to be included in the final legislation.

Its deep water and access to dollars position it well, a climate expert said.

The legislation Gov. Pedro Pierluisi signed late Tuesday is sufficient to issue new bonds, the board said, which was integral to getting the island out of its $33 billion bankruptcy.

ICI reported the lowest inflows since outflows in March, while exchanged-traded funds saw an uptick.

It is unclear if the Oversight Board will accept the law and how much it differs from Board-endorsed legislation that failed last week in the legislature.

As of now, returns for the month will very likely end in the red. The Bloomberg U.S. Municipal Index is at -0.40% for the month and +0.39% for the year.

S&P raised the Hillsborough County Aviation Authority, Florida’s customer facility charge revenue bonds for Tampa International Airport to A-minus from BBB-plus. It also raised HCAA's senior and subordinate liens for TPA.

Transportation and transit projects would be eligible uses of ARPA funds under the bill, which also extends the deadline to spend the funds.

S&P lifted its outlook to stable on Minneapolis' AAA rating and Fitch went positive on its AA-plus rating.

The $162 million tax-exempt new money deal is bolstered by two ratings upgrades and analysts say it will generate a lot of investor interest on Wednesday.

If commuters continue to work from home more often than in the office, their normal spending patterns on things like coffee and lunch will shift and impact business districts, neighborhoods and ultimately tax revenues.

Despite a short-end U.S. Treasury rally, municipals face pressure on the one- and two-year as participants look to month-end positioning.

Judge Laura Taylor Swain contemplates dismissing the bankruptcy, which would leave bondholders in position to sue for full payment.

The fast pace of the Democratic negotiations may act in muni market's favor.