Taxable bonds

A whopping 91% of Bond Buyer California Public Finance Conference survey respondents expect municipal interest rates will end the year higher than current rates and 73% said rates will have the largest impact on the public finance industry in the next two quarters

Richmond issued $154.1 million in pension obligation bonds in a refunding that terminates swaps, ends a county intercept, and extends the final maturity.

The American Rescue Plan was passed without waiving the Pay As You Go Act, which could prevent municipalities from receiving payments on bonds already issued.

The debt issued through conduit Gallatin County, Montana, benefits an aerial firefighting company that went public through a SPAC weeks after the bonds sold.

Oklahoma's first utility securitization bond deal related to 2021's Winter Storm Uri continued to attract criticism from a state regulator who called for an independent review.

With the Fed committed to fighting inflation with aggressive rate hikes, fewer issuers want to take the risk with taxable advance refundings.

Munis were firmer to end the week but underperformed U.S. Treasuries.

Seventeen months after Winter Storm Uri hit the Southwest, state-sanctioned securitizations are queuing up to mitigate a huge spike in energy costs for customers, with an Oklahoma deal the latest to price.

More firms are revising issuance projections downward due to lower refunding and taxable volumes. Many participants say it is unlikely the market will hit issuance records reached in 2021 and 2020.

The Cleveland-based university's 100-year taxable bond landed at a 5.4% interest rate.

Bridger Aerospace plans to sell $160 million in unrated taxable revenue bonds, with a verified sustainability designation, through conduit Gallatin County.

Hardy Manges brings three decades of experience in municipal trading to the national, full-service investment bank, brokerage and advisory firm.

A decades-old policy position on taxable debt and recommendations for issuance of variable-rate debt were among the issues taken up by the GFOA's debt committee.

Municipals posted gains for the first time in 2022 in May, outperforming U.S. Treasuries on the month. The Bloomberg Muni Index posted a 1.49% return in May bringing losses down to 7.47% year to date.

Total May volume was $31.167 billion in 750 deals versus $35.358 billion in 1,295 issues a year earlier. In a continuing trend, new-money issuance was up 14.2% in May year-over-year.

Panelists at the NFMA 2022 annual conference said they aren’t holding out for advance refunding to be reinstated anytime soon.

Assuming the taxable and tax-exempt rates are highly correlated (and in fact they are), we can show that the expected cost of a fairly priced callable bond exceeds that of an optionless bond.

New York Dormitory Authority school bonds and Northwell Health priced and upsized, while Wisconsin and Oregon offered general obligation bonds. Analysts say municipal curves are oversold, creating a buying opportunity.

Despite outsized volatility and liquidity challenges ahead, the possibility of relief for munis is not too far off, analysts say, but USTs lead the way for exempts.

The Texas Natural Gas Securitization Finance Corporation picked a team of underwriters to sell debt for utilities hit hard during 2021’s Winter Storm Uri.