Refunding bonds

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.