Public finance

Connecticut's governor proposed a new public finance tool as part of a broad plan to improve the state's resiliency against extreme weather and climate change.

Charlotte received approval to sell the debt from the North Carolina Local Government Commission, an arm of the Department of State Treasurer.

Transportation officials and lawmakers are exploring the road ahead for the Highway Trust Fund, electric vehicle user fees, and the reauthorization of the surface transportation bill as friction over funding mounts.

The top five bond financings totaled more than $6 billion.

Tax exemption concerns — though an elimination is unlikely — and the loss of federal stimulus will "most assuredly pull forward delayed issuance, with the first half of 2025 volume to exceed second half volume," said James Welch, a municipal portfolio manager at Principal Asset Management.

S&P Global Ratings revised the outlook on Southern California Edison and its parent company citing the potential depletion of the state's bond wildfire fund.

Plans to sell a bankrupt municipal bond-financed care facility to a private equity firm threaten to upend care for its frail senior residents.

To close out the day, USTs remained mixed, with yields rising on the short end and falling out long, while munis were changed up to a basis point, depending on the curve.

The San Joaquin Hills Transportation Corridor Agency tapped reserves to make early bond payments saving $203 million. It's parent agency, the Transportation Corridor Agencies, hopes to save $1.79 billion with additional early pay downs by 2030.

Issuers, trade organizations, and investors team up to fight the threat to the tax-exempt status of municipal bonds by laying out its effect on borrowing, the housing market, and infrastructure costs.