Washington

Muni issuers want six months to a year on transition relief for advance refundings, which the tax bills would terminate after Dec. 31.

A portion of the Oklahoma Turnpike Authority's $410 million deal may well be its last advance refunding.

Municipal market participants are preparing and bracing for a market without advance refundings and perhaps private activity bonds as major tax changes draw closer. Municipal issuers are coming together and giving the market one last gasp of these types of bonds before they are no longer allowed to do so and in the process, have created what could potentially be a historic $17.4 billion of issuance.

Investors plan to make the most of the volume blitz and higher yields in the last month of the year, as issuers rush to market ahead of a sweeping tax law overhaul.

As municipal market participants are awaiting the next step in the tax bill process, they are also preparing for one of the busiest and biggest weeks the market has ever seen.

The Senate’s vote to approve its tax bill means advance refundings are all but dead. The future of private-activity bonds hangs in the balance as the differences with the House’s version are resolved.

Senate Republicans narrowly approved the most sweeping rewrite of the U.S. tax code in three decades, slashing the corporate tax rate and providing temporary tax-rate cuts for most Americans.

As lawmakers worked over the details of tax tax legislation, municipal market participants prepared to embark on what may be a record-setting week for issuance.

Both the House and Senate bills would end Puerto Rico’s status as an offshore tax haven.

Navnoor Kang, the former director of fixed income for the New York State Common Retirement Fund, has pleaded guilty to criminal fraud charges.