Refunding bonds

Issuance dropped 26.7% in January, tax-exempt issuance fell 32.6% while refundings and taxables saw smaller declines. Part of the drops were due to the typical nature of lighter January issuance but also issuer anticipation of potential federal aid to combat the pandemic.

The Foothill-Eastern toll road authority in California made a tender offer ahead of a planned sale, and exchanged the bulk of the debt it wanted to refund.

The Foothill-Eastern Transportation Corridor Agency in California has slated a tender offering exchange for Jan. 21 ahead of a Jan. 25 advance refunding.

The state will sell $182.2 million of highly rated general obligation bonds in three separate offerings.

LACMA, one of Los Angeles' most prominent museums, will refund debt and move forward on construction of a building for its permanent collection.

Public finance groups are optimistic 2021 will be a breakthrough year for federal tax law changes to help spur the use of tax-advantaged bonds.

The state will use debt service savings from the refunding side of the deal for near-term budget relief; the deal includes its first taxable refunding bonds.

Such moves could reduce costs by up to $180 million in present-value savings, Joe Torsella said.

TMI Trust agreed to a settlement that allows bondholders to be paid interest during the Chapter 11 case of the Roman Catholic Archdiocese of New Orleans.

The public finance industry would gain from the reinstatement of tax-exempt advance refunding and other muni-friendly measures under a Democratic sweep of the White House and both chambers of Congress.