Refunding bonds

Houston expects strong demand for the refunding bonds pricing on two days this week.

The fixed-rate bonds refund more than 50% of the Indianapolis Airport Authority’s floating rate bonds and terminate associated interest rate swaps.

The deal through the Indianapolis Local Public Improvement Bond Bank will refund floating-rate debt issued in 2010 to a fixed rate.

The committee also unanimously voted Tuesday to reverse a planned $7.6 billion cut in highway spending that’s scheduled to take effect in a year.

The refunding would be completed “for traditional savings” and not for restructuring purposes, the school district says.

Texas A&M University System will price $430 million of taxable bonds, including $230 million to advance refund tax-exempt debt.

CommonSpirit Health will sell $2.7 billion of taxable bonds and $3.1 billion of tax-exempt debt, with BBB-plus ratings, into a supply-starved market.

The authority reports $193 million of present value savings on a $651 million refunding.

The role of SLGS has been significantly diminished by the termination of advance refundings on Jan. 1, 2018, under the Tax Cuts and Jobs Act, with the amount of SLGS outstanding declining more than 49%.

The positive side is the bipartisan legislation for reinstatement introduced by 10 House lawmakers last week has a high possibility of being included in any infrastructure legislation that passes that chamber.