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The pace of the issuance and the increase of refundings, surging 59.6% in the first quarter of 2024, have also led some firms to up their overall 2024 issuance projections.
April 11 -
The city gave no reason for the cancellation of its redemption plans or bond issuance, but reserved the right to call the 2010B BABs for redemption in the future.
April 10 -
Two mega deals recently priced with make-whole calls for bonds due in 2034 and shorter where the market does not appear "to be penalizing issuers for including an optional make whole call feature in the short maturity tax-exempt bonds," said Pat Luby, head of Municipal Strategy at CreditSights, in a report.
April 4 -
March issuance came in at $36.405 billion, above the $34.579 billion 10-year average, according to LSEG Refinitiv data.
April 1 -
The UC Regents will close the books on its $1.1 billion refunding deal that included the refunding BABs Wednesday. Investors do not appear to be penalizing the issuer in secondary trading as spreads have stayed at or near the original pricing.
March 26 -
The Washington refunding deal is built on an extraordinary optional redemption of Build America Bonds despite criticism from investors who hold them.
March 22 -
The extraordinary redemptions being used to call Build America Bonds "are based on a creative but flawed legal argument driven by the current change in interest rates," said Kramer Levin partner Amy Caton.
March 21 -
Market participants said it is yet to be seen whether issuers will pull back their BABs refundings due to concerns after several bondholders sent a letter to the trustee on a Regents of the University of California deal, saying it was "prohibited" from executing the redemption.
March 11 -
The Chicago Park District Board of Commissioners unanimously approved three ordinances laying the groundwork for up to $37 million new money bonds and a tender.
February 15 -
Most tax-exempt tenders saw low participation, which is good news to the taxpayers. The poorer the participation in the tender, the less is the waste from these premature refundings prior to the call date.
February 8Kalotay Advisors LLC