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With the future of advance refundings and private activity bonds up in the air, the New York Metropolitan Transportation Authority has decided to take action and advance refund debt while they still can. Given the uncertainty, the MTA’s move could be repeated by many other issuers in position to do so, elevating issuance for the rest of the year.

Tax reform legislation will be front and center this week, snatching the market’s attention as Congress moves ahead with measures that will change the bond marketplace in the near- and long-term. Both the House and Senate are taking up muni proposals that will directly impact issuers, underwriters and bond buyers.

Nearly $23 billion worth of bonds are on ballots in Tuesday’s election, which could fuel 2018 issuance.

The Federal Open Market Committee meets in Washington this week amid uncertainty over who will lead the Central Bank. What do higher interest rates and a possible new Fed head this mean for the municipal bond market going forward?

In what’s easily the largest deal of the year, Illinois is set to come to market with $4.5 billion of general obligation bonds that will help pay down a bill backlog that’s around $15 billion. The lowest-rated U.S. state has momentum going its way after last week’s successful $1.5 billion competitive GO sales -- and Illinois is hoping that success spills over into this week’s negotiated offering.

The primary market is getting something it has been seeking for a while, with $10 billion of new supply on the docket. The New York City Transitional Finance Authority, California and Illinois are set to bring almost half of the week's supply.

As Illinois’ Cook County looks set to repeal its unpopular penny-an-ounce sweetened beverage tax, cities and states around the country that have pondered such a revenue-raiser are looking at what this could mean.

The state still lacks a budget as Democratic Gov. Dannel Malloy vetoed a Republican-crafted $40.7 billion biennial spending plan. Meanwhile, capital Hartford spirals toward a possible bankruptcy. Mayor Luke Bronin says increased state aid, bondholder flexibility and labor concessions are all needed to keep the city out of Chapter 9.

For the first time, municipal market participants can access dynamic, interactive data from directly within Bond Buyer.