Refunding bonds

The municipal bond rally has brought two big Illinois issuers into the market with plans to sell refunding bonds this week.

With a high of $450 billion and a low of $330 billion, no firms currently see issuance surpassing the records hit in 2020 and 2021.

November's total volume rose 7.8% to $28.464 billion in 652 issues. For volume to top total 2022 issuance, December would need to see $44.329 billion of issuance.

The IRS concluded the examination of an advance refunding of capital improvement funds with no change to the bonds' tax-exempt status.

Washington will auction $483 million in two tranches on Tuesday.

The deal has new-money and refunding components and is expected to hit the market in a negotiated sale the week of Nov. 13.

October's total volume rose 29.3% to $37.156 billion in 661 issues from $28.738 billion in 614 issues a year earlier. New-money grew more than 30% while refundings were up by nearly 75%.

The rating agency cited ongoing positive financial and enplanement trends at the airport, which is planning a refunding.

The upgrades brought the Orange County Transportation Authority managed lanes toll credit to double-A levels across the board.

Total volume for the month was $26.062 billion in 677 issues, down from $36.583 billion in 928 issues a year earlier, according to Refinitiv data.