Refunding bonds

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.

A complex refinancing continues Chicago's break from past scoop-and-toss deals but front-loads savings to help balance its budget.

The low-rated, Phoenix-based university turned to a public debt sale after refinancing maturing outstanding bonds with bridge loans.

The Los Angeles school district was at the forefront of a Build America Bond refunding wave with its $2.9 billion deal.

The Michigan Finance Authority closed on $79.5 million of distributable state aid fifth lien and LTGO financial recovery refunding bonds issued for Detroit.

The Chicago City Council this week approved a plan to refinance $1.5 billion of the city's debt. The city expects to issue the bonds in the fourth quarter.

Chicago's City Council deferred a vote on a $1.5 billion bond measure.

The proposed sale size has grown to $1.5 billion and the city claims it will bring $90 million in savings this year.

The University of Arizona, which was hit with negative rating outlooks earlier this year, scheduled a debt refunding led by Morgan Stanley for Wednesday.

The $105 million of power project revenue refunding bonds deal for Plum Point Energy Station in Arkansas comes amid tighter emission regulations.

The Franklin County Convention Facilities Authority will issue $138.2 million of lease revenue anticipation refunding bonds to refund or redeem outstanding Build America Bonds.

Illinois will sell up to $1.1 billion of general obligation refunding bonds and $600 million of taxable and tax-exempt GO bonds by the end of September.

The Dallas-Fort Worth region toll highway owner and operator aims to rake in savings from the deal as it expects to cash fund a $2 billion capital plan.

Midwest bond sales ticked 1.8% higher by volume in the first half of 2024, to $34.377 billion as the region missed out on the big gains in volume nationwide.

The state plans to price the bonds in early October.

Detroit-based Wayne State University will return to market with $31.7 million of general revenue refunding bonds, with proceeds refunding outstanding bonds.

When Wisconsin priced $253.755 million of GO refunding bonds on July 23, it was the state's second forward delivery deal in recent months.

The New York City Transitional Finance Authority is set up to refund Build America Bonds as part of a $2.11 billion deal slated to land in the market this week.

In the first half of 2024, winding-down federal aid, a resurgence of Build America Bond refundings and election uncertainty have contributed to the surge in issuance, said James Welch, a portfolio manager at Principal Asset Management.