Tax

Muni issuers rushing to get advance refundings done in December before Congress passes a tax bill that terminates them may face a halt in sales of state and local government securities because of the debt limit.

Traders saw "a major flip in psychology of the market" as moves to bar private activity bonds and advance refundings met some resistance.

The group plans to sell roughly $1 billion of bonds, with a mix of btax-exempt and taxable debt.

The possibility of the municipal market losing both advance refundings and private activity bonds brought a spike in issuance that's likely to extend into December.

The year-end deadlines built into the GOP tax bills guarantee long hours in December for those putting together deals before Jan. 1.

Congress should look to municipal experts to make the case for revenue triggers as a way to allay concern that tax cuts will necessitate spending reductions.

House Ways and Means Committee Chair Kevin Brady said the private-activity bond provision was included in the House tax bill so lawmakers would have more time to discuss these bonds.

California lawmakers are pushing Republican leaders to restore the federal deduction for state and local income taxes in the final tax bill.

The muni market weakened Wednesday as issuers flooded into the market to beat tax reform.

The muni market picked up right where it left off on Tuesday: with a steady stream of supply, the dilemma of how to beat tax reform and a weaker tone.

Issuers frantically go to market to get deals done while they still can — as the tax bill continues the long path to becoming law.

Sen. Collins said a partial restoration of the SALT deduction will help get her vote for tax bill.

The muni market was buzzing with activity on Tuesday, as issuers rushed to sell bonds that may no longer be allowed next year.

Bond lawyers are weighing how they should approach certain muni deals.

A busy week got started Tuesday, with deals flowing in as the specter of tax reform plagues the primary municipal market and issuers rush to market with sales that may no longer be allowed next year, creating an opportunity for buyers.

With roughly two weeks to negotiate a final tax bill, using the amendments would avoid a formal conference and could save private activity bonds.

Public school districts with bonds are feeling a new urgency to try to refinance their bonds before the potential passage of a new federal tax bill.

Halting tax-exempt advance refundings at the end of the year, as proposed by both pending tax bills, would increase issuers’ costs, deprive them of savings for new projects, and push some to enter into swaps that could increase their risk.

Republicans can only afford to lose two votes when the tax overhaul bill comes to the Senate floor.

The California Debt Limit Allocation Committee wants to allocate $900 million in remaining private activity bond capacity.