Taxable bonds

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.

Municipal returns in April were deeply negative, bringing the year-to-date figure to near 9% losses, the largest posted on the Bloomberg Muni Index since its inception in the 1980s.

A taxable bond issue will raise $3.4 billion for extraordinary costs incurred by natural gas utilities during deadly Winter Storm Uri that hit Texas in 2021.

Denver will head to the municipal market next week with its biggest new money general obligation bond sale ever at $366.4 million.

The university will decide on a final structure for a $500 million sale that could go as long as 100 years at the time of pricing, which is expected next week.

Total March volume was $39.363 billion in 793 deals versus $47.763 billion in 1,218 issues a year earlier but above the $34.363 billion average.

Dallas Fort Worth International Airport will bring its first new money issue since 2017 to the municipal bond market next week, buoyed by an rating upgrade.

This month the University of Michigan sold $1.2 billion and Michigan State University sold $500 million of taxable 100-year bonds.

The University of Michigan follows Michigan State this month in joining the club of universities offering 100-year bond maturities.