Taxable bonds

Participants are mixed on whether there will be continued growth in 2024, but some still see a universe of taxable bonds that still can be tendered.

With a high of $450 billion and a low of $330 billion, no firms currently see issuance surpassing the records hit in 2020 and 2021.

November's total volume rose 7.8% to $28.464 billion in 652 issues. For volume to top total 2022 issuance, December would need to see $44.329 billion of issuance.

A subpoena sent to the Oklahoma Corporation Commission this week seeks communications related to 2021's Winter Storm Uri and nearly $3 billion of utility securitizations that priced in 2022.

There will be "choppiness in the municipal bond market through the end of the year," said Anders S. Persson, Nuveen's chief investment officer for Global Fixed Income, and Daniel J. Close, Nuveen's head of municipals.

"Last year's successful social bond issuance has proven that there is growing investor demand for socially conscious investments and I am thrilled that we are able to offer this opportunity again," said City Comptroller Lander said.

A Wisconsin county has sold more than $200 million of bonds for broadband provider Bug Tussel to provide high-speed internet to rural customers in the state.

The decision to cut Build America Bond subsidies marks a "multi-billion-dollar broken promise by the federal government," said public power agencies that have sued the United States.

July's total volume was $25.939 billion in 542 issues, down from $28.258 billion in 619 issues a year earlier, the smallest percentage drop in monthly issuance year-over-year in 2023, according to Refinitiv data.

Utilities paid sky-high prices for natural gas and power during Winter Storm Uri, leading to the issuance last year of nearly $2.9 billion of bonds to cover those costs.

The preliminary approval was granted in a New Jersey federal court.

A new report finds that refunding tax-exempt debt with taxable bonds is more costly than waiting until the call date.

Total volume for the month was $26.062 billion in 677 issues, down from $36.583 billion in 928 issues a year earlier, according to Refinitiv data.

A tender offer and a debt service shortfall related to bonds issued in the wake of Winter Storm Uri popped up this month as its financial impact lingers.

A $3.52 billion Texas Natural Gas Securitization Finance Corp. deal includes a make-whole redemption over three years to call bonds if the state appropriates funds to pay them off.

The much-delayed $3.5 billion deal has an optional limited make-whole redemption if state lawmakers appropriate funds to defray costs for natural gas customers.

The taxable bonds, which finally received state approval, will be offered with maturities in 2033 and 2039.

A substantial drop in new money volume sets California and the Far West apart from the the country.

Rising interest rates depressed refunding opportunities, but new money issuance rose amid demand for infrastructure to serve the region's growing population.

Citi was barred from underwriting government bonds in Texas under a state law prohibiting contracts with companies that "discriminate" against the firearms industry.