Refunding bonds

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.