Public finance

The U.S. Department of Transportation announced it has achieved a hiring goal for new air traffic controllers as the threat of a government shutdown looms in the background.

The outlook revision to negative for the Texas Biomedical Research Institute cited weakened liquidity and reliance on federal grants, the rating agency said.

The nearly-complete offshore wind power generation project can resume construction while it fights a stop-work order from the Trump administration.

Two triple-A bond deals from the Lone Star State to finance water-related projects are scheduled to price this week in the municipal market.

"On a month-to-date basis, AAA munis have outperformed Treasuries across the entire curve. … This outperformance can be attributable to an improvement in market technicals," said Daryl Clements, a portfolio manager at AllianceBernstein.

The Pennsylvania government is still kicking the can down the road on public transit funding. This time, it's using capital funds to plug operating gaps. 

A bill to provide state credit support for housing finance and another to create an infrastructure bank were placed in the legislature's suspense file.

Advocates have floated similar measures repeatedly over the course of several administrations with no luck.

The college's most recent annual comprehensive financial report is for the fiscal year ending June 30, 2023, and S&P is concerned by the lack of timely reporting.

The administration wants the project "to be a model of how to build quickly and cost effectively," Transportation Secretary Sean Duffy said.

Doña Ana County taxable industrial revenue bonds, which will be sold to participants in the project, will enable the project to access a variety of tax breaks.

The state government is holding back school aid while it waits for lawmakers to pass a budget. That's hurting some schools more than others. 

"A lawsuit like this is probably critical for any future settlements or agreements, because it will (maybe) determine up front if the incoming [board] members, and thus whatever agreements they sign, are valid or not," said Matt Fabian, a partner at Municipal Market Analytics.

Munis have outperformed USTs and corporates by more than 1.0% month-to-date on the heels of this rally so far, BofA strategists said.

Minnesota school districts face a financial crunch as the end of pandemic relief funds coincides with rising expenses, lower enrollment and labor pressures.

For the 24th year, The Bond Buyer editorial board will identify and recognize the year's most outstanding municipal finance transactions. The final deadline for nominations is Friday, October 17.

Troy Pitman has been hired by Wilmington Trust to further western expansion in the public finance segment of its corporate trust business.

The city faces hundreds of child sex abuse claims stemming from a former after-school program volunteer. A recent state law opened the window for old claims.

Fitch cited the system's operating performance and plans for up to $4.2 billion in addional debt.

Munis saw cuts, albeit small ones, for the first time in nearly two weeks as yields rose up to four basis points, depending on the scale.