Taxable bonds

Gary Hall of Siebert Williams Shank talks with Chip Barnett about the recent merger which created the largest minority- and women-owned investment bank in the U.S. He looks back at his time at the MSRB and looks ahead to what the market may see in 2020.

As there are just eight full work days remaining in the year, muni market leaders believe that 2020 will look a lot like 2019 — high volume, increasing taxable issuance and strong demand.

Ann Arbor Public Schools, which recently won $1 billion of new money authorization, will price $55 million of taxable bonds.

The Lansing Board of Water and Light will sell $252 million to refund bonds it issued in 2011.

The Foothill/Eastern Transportation Corridor Agency's $892 million deal is expected to yield $100 million in present value savings.

The hospital system will price up to $1.7 billion of bonds this week, of which up to $1.4 billion would be taxable.

Some market participants worry about the viability of a key muni advocacy talking point if enough midsize issuers begin to embrace the taxable market.

Taxables remain in focus this week with deals out of Texas and Wisconsin. California comes with $682M of exempts competitively.

The number of trades decreased about 16% to 2.01 million from the same quarter in 2018.

The 5% non-callable-10 structure, which has been the standard for municipal bonds, was tailor-made for advance refunding

Taxable municipal issuance leapt to record levels in 2019, but its exponential surge in the past three months may signal an even larger boom on the horizon.

Ahead of the deal, Moody's revised its outlook on the hospital system's Aa3 rating to positive from stable.

Market attention turns to the taxable sector as some the week’s biggest deals are set to hit the screens.

Taxables in full force once again; yield seekers have Illinois.

New York State's fifth-largest city will sell $152 million of general obligation bonds.

Wisconsin will refund $622 million of taxable 2008 bonds in a sale that sheds swaps tied to Libor.

Most of the proceeds will refinance direct placement debt with bonds sold in the public markets.

Spectrum Health System will consolidate its administrative offices into a central location.

Taxable bonds will replace interim financing that funded land acquisition for the plant, which may not match the vision that drew state and local subsidies.

The Idaho audit involved $1.485 million general obligation bonds issued with a taxable direct-pay federal subsidy under the Qualified School Construction Bonds program.