Refunding bonds

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.

The authority is refunding its 2014A bonds to gain debt service savings.

The Metropolitan Washington Airports Authority plans to refund about $400 million and sell $429 million of new money for its capital construction program.

Alaska's efforts to manage its cyclical revenues brought an upgrade from S&P Global Ratings and positive outlook from Moody's Ratings.

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.