Refunding bonds

The city plans to sell about $690 million of AMT bonds on Nov. 18 to finance facilities and refund outstanding debt for the airline.

Chicago Public Schools went to market this week with nearly $1.1 billion of refunding bonds in the largest municipal transaction the district ever completed.

With the advance refunding of tax-exempt munis still off the table, issuers are using existing market conditions to shed Build America Bonds and realize debt service savings through tender offers.

Minnesota plans to go to market Sept. 23 with a $1.27 billion general obligation bond sale.

The authority's borrowing apparatus is maintaining a business-as-usual approach it embarks on a massive new capital program and fends off federal cuts.

The relative rarity of the credit was compounded by their source of funds, the deal's size, and bond ratings slightly lower than New York state and city. 

An investor presentation highlights industry conferences and consulting services that "have made the CIA the 'think tank' of the food service industry."

The Illinois Municipal Electric Agency agreed with 29 of its 32 members on new contracts that last until 2055, but the holdouts include two large customers.

Michigan's Great Lakes Water Authority went to market in June with roughly a billion dollars of bonds, part of a complex transaction that included a tender.

The guidance comes as the tender market has grown from zero to $48 billion since 2019.

The state of Maryland is going to market on Wednesday by selling $1.56 billion of general obligation bonds, which will be the first major sale since the state absorbed a credit downgrade from Moody's.

The Metropolitan Washington Airports Authority is pricing $714.4 million worth of airport system revenue and refunding bonds on Thursday as part of a scheduled sale with an uncertain demand.

Issuers routinely refund 5% bonds in year 10, and the resulting savings can be significant. It is notable that although refunding is typically associated with declining interest rates, 5% bonds are refunded even if rates rise.

The Illinois Municipal Electric Agency plans to sell $600 million of refunding bonds in July, amid questions about member contracts after the bonds' maturity.

The Illinois Finance Authority will go to market with $850 million of revenue and refunding bonds for the Illinois Environmental Protection Agency next week.

The Chicago Public Schools ended the week no closer than it started to answering the question of how or if a scheduled pension payment will be made.

Mayor Brandon Johnson's team wants the Chicago Public Schools to refinance debt to free up money for a pension payment to the city.

Midwest bond sale volume peaked in the third quarter of 2024.

Blackstone Inc. is refinancing tax-exempt debt for a 76-story residential tower in downtown Manhattan designed by famed architect Frank Gehry.

Chicago plans to bring to market $806 million of bonds on Thursday, a refinancing deal that will help close its fiscal 2024 budget gap.