Refunding bonds

From the use of taxables to forward deliveries, refunding deals drove an overall 15.8% hike in Midwest bond volume that exceeded the national average.

Municipal issuers in the Southwest sold $93.5 billion of debt in 2020, a year in which the coronavirus upended the way bond business is done.

Bills to expand the use of tax-advantaged bonds that are being reintroduced in the new Congress have favorable odds for being signed into law this year.

Taxable deals and refinancings fueled the 2020 volume spike as issuers adjusted to the coronavirus. The pandemic still looms over 2021.

BATA brings a refunding deal to market next week, buoyed by a financial position that stood up to the stresses of the COVID-19 pandemic.

The deal was the largest in the authority’s history, with the lowest ever interest rate for one of its sales and netting a record-breaking $112 million in interest cost savings.

The city, struggling amid a pandemic-induced deficit, received a negative outlook from Kroll Bond Rating Agency ahead of the deal.

HJ Sims has used Cinderella bonds, tender offers and forward deliveries to help senior living clients refinance without tax-exempt advance refundings.

The taxable refunding will lower debt service obligations for the airport car rental facility, hit hard by the coronavirus pandemic, through fiscal 2025.

The $136 million refunding is also backed by the state's appropriation pledge; a political dispute over how to handle unclaimed property was resolved last year.