Speculative grade bonds

"The broader themes from the demand perspective are that it's choppy and people are not necessarily jumping into high-yield munis with both feet," said First Eagle's John Miller.

"These are the types of products that financial advisors are asking to see from us," said First Eagle's John Miller.

The $44 million of unrated bonds, placed only with qualified investors, feature 9.5% coupons.

The bonds have not reacted to the most recent negative ratings actions, although one buysider said that may soon change.

The downgrade pushes $2.2 billion of private activity bonds issued for the passenger train startup though the Florida Development Finance Corp. to junk.

Most of the Maryland Proton Treatment Center's debt hasn't traded hands for years.

Part of the problem is lack of reimbursement from insurance companies, said the owner of one proton center.

Fallout from the Legacy Cares deal includes bondholder lawsuits against the underwriter and bond counsel, payment defaults, a Chapter 11 bankruptcy, and now fraud charges from the SEC and DOJ.

Separately managed accounts have exploded in the muni market in recent years but high-yield SMAs remain rare.

The Trump administration wants to shed federal office space, and bonds backed by those leases are feeling the heat.

S&P cited the government's improved fiscal position as a factor in the positive outlook.

The Trump administration singled out the Las Vegas-Los Angeles bullet train for praise Thursday, the same day the deal priced.

BlackRock's move comes as money continues to flow out of muni mutual funds into ETFs and SMAs.

Management is hiring a municipal advisor to evaluate its financial strategy.

The introduction of new engines in a northern power plant and the opening of a solar farm in the south have reduced the authority's operating costs.

It could be the year's largest unrated municipal bond deal.

The management team sees opportunity in pockets that other investors avoid, like American Dream, Midwestern private colleges and senior living facilities.

It's the latest mark of distress for proton treatment centers financed with speculative-grade municipal bonds.

"It's an unfortunate part of doing business," said an investor.

Nonprofit Provident Resources Group is buying a five-year old student housing building that serves the University of Central Florida and Valencia College.