Trends in the Regions

Issuers in Texas are wary of potential changes at the federal and state level that could impact their finances and ability to sell debt.

New York's capital needs mean the city cannot afford to be picky about market timing for bond deals, said Jay Olson, deputy comptroller for public finance. 

Districts most vulnerable to cuts in federal programs are those already struggling from enrollment declines and other challenges.

The state, which has cut income taxes with more cuts scheduled, is on a path to a greater than 10% budget deficit in three years, say the legislature's analysts.

Midwest market participants and researchers say the loss of the municipal bond tax exemption could cost the region's many smaller issuers market access.

A new S&P upgrade and one last year from Moody's burnish the Colorado Statewide Bridge and Tunnel Enterprise ahead of a $212 million revenue bond deal.

Muni data is complicated, confusing and unstandardized, and analysts say there's a cost to that. 

Lawmakers have until late this month to decide on a mix of cuts and taxes acceptable to the governor to close a $16 billion shortfall over the next two budgets.

The law cuts the individual income tax rate to 3% by calendar year 2030, with triggers that may drive future annual decreases until it ultimately falls to zero.

As Chicago transit agencies and Illinois lawmakers near a deadline to fix a transit budget shortfall of about $770 million, some are calling for a services tax.

Legislation addressed expanding water supply, paying for flood damage, financing for capital projects, as well as a fiscal 2026 spending plan.

Higher borrowing costs without the tax exemption could force public water, sewer and power providers to raise rates, neglect infrastructure, or sell systems.

California plans to price $2.5 billion in new money and refunding general obligation bonds next week, with retail orders Tuesday and final pricing Wednesday.

Only Georgia has a higher state-level infrastructure grade from the ASCE than the the C the U.S. received this week. More in the Southeast are C-minus or lower.

The Illinois Finance Authority will go to market with $850 million of revenue and refunding bonds for the Illinois Environmental Protection Agency next week.

Houston, Phoenix, and Dallas are taking action to address fiscal challenges brought on by litigation, state actions and a ballot measure.

The New York City Municipal Water Finance Authority is tapping the market for the second time in two months, this time with a $600 million refunding.

Washington's latest official state revenue forecast lopped almost $900 million from projected collections over the next four years.

The series 2025B Black Belt Energy Gas District bonds are rated Baa1 by Moody's Ratings based on Deutsche Bank's key role in the transaction.

As major airlines report losses and scale back forecasts, Cleveland is preparing to go to market April 2 with $125.5 million of revenue bonds for its airport.