Sell side

Cabrera Capital Markets is among the firms that has capitalized on the exits of UBS and Citi from municipal bond underwriting to add senior bankers.

Despite losses, munis are "being set up nicely" as the summer season approaches, said Jeff Lipton, a research analyst and market strategist.

The California Community Choice Financing Authority was the leader in the public power sector, issuing nearly $5 billion or 28% market share in 2023. It was also one of the top 10 overall issuers of 2023.

Marty Mannion and Matt Schrager, managing directors and co-heads at TD Securities Automated trading division, discuss how automation and electronic trading are creating more opportunities and better outcomes for municipal market participants, including making muni bonds more accessible to a broader range of investors.

The majority of the debt sold for the state's community choice aggregators came through CCCFA, a conduit issuer that ranked third among all issuers nationwide for volume issued in 2023.

"The industry is built on relationships, and it's powered by technology," said Josh Rosenblum, head of algorithmic trading at Brownstone.

The $684 million turnpike deal is one of a spate of recent forward delivery deals driven by interest rate uncertainties. 

The Virginia Beach Development Authority priced about $189 million of debt on Thursday with some of the bond proceeds financing portions if the attraction.

Catch up on our recent coverage of the various legal issues and considerations impacting BAB redemptions.

A $327 million competitive bond deal, including $35 million of taxables, will fund renovations to the stadium and a new football operations building.