Tax

With the fate of private activity bonds in flux, D.C.'s Housing Finance Agency is forging ahead with plans for its largest offering by the end of the year.

Despite the aftermath of Hurricane Harvey, Texas's November sales tax revenue soared 11% to a record $2.78 billion.

Many states use PABs to offer low-rate mortgages and down payment assistance for first-time buyers.

The governors of California, New York and New Jersey said they would challenge the Republican tax bills in court if they pass.

Chicago's new borrowing entity brings $575 million of sales tax securitization bonds to market this week.

Muni issuers want six months to a year on transition relief for advance refundings, which the tax bills would terminate after Dec. 31.

A portion of the Oklahoma Turnpike Authority's $410 million deal may well be its last advance refunding.

Municipal market participants are preparing and bracing for a market without advance refundings and perhaps private activity bonds as major tax changes draw closer. Municipal issuers are coming together and giving the market one last gasp of these types of bonds before they are no longer allowed to do so and in the process, have created what could potentially be a historic $17.4 billion of issuance.

Investors plan to make the most of the volume blitz and higher yields in the last month of the year, as issuers rush to market ahead of a sweeping tax law overhaul.

As municipal market participants are awaiting the next step in the tax bill process, they are also preparing for one of the busiest and biggest weeks the market has ever seen.