Refunding bonds

A lighter, $5 billion calendar, heavy on healthcare, kicks off November. Most participants agree volatility in U.S. Treasuries will be a leading factor for municipal market performance. Uncertainty in Washington also isn't helping the asset class.

October has, on average, been the heaviest new-issue month of the year. Analysts said the lower volume, particularly taxables, was led by many issuers sitting on the sidelines, waiting for a potential package from Washington, D.C.

New York’s Hudson Yards development on Manhattan’s West Side was able to cover its debt service obligations despite the effects of the COVID-19 pandemic.

Several strategists estimate the municipal market will be 50% taxable in five years if a direct-pay bond option makes its way into law.

Ridership on the RTA's three service boards remains sharply below pre-pandemic levels but it benefits from coronavirus relief and stellar sales tax performance.

Market participants welcomed the municipal-related provisions in the reconciliation bill but are hesitant to start making bets on its passage.

The Kentucky Public Transportation Infrastructure Authority and the Kentucky Turnpike Authority plan refunding revenue bond sales this month.

The nearly 40% year-over-year decrease is a result of various factors including rising interest rates, other financing tools, such as forward delivery bonds, and simply that refundings are in less demand from issuers.

The absence of advance refunding and a direct-pay bond program in the bipartisan infrastructure package has lobbyists pushing for inclusion of those things in the reconciliation bill, a matter only weeks away.

The authority succeeded in selling unrated bonds to take out CCC-rated bonds.