The municipal market experienced little change on Wednesday, with a focus on the primary market activities that showcased a high volume of issuance from major entities such as the New York City Transitional Finance Authority and the Regents of the University of California. Additionally, the market was influenced by the performance of U.S. Treasuries and
Bonds
Phoenix is returning to the municipal market after 12 years with a new money general obligation bond issue. The city’s chief financial officer, Kathleen Gitkin, has expressed high expectations for the $238.8 million tax-exempt and taxable deal, which is scheduled to price through a Piper Sandler-led team of underwriters. According to Gitkin, there is a
The North Carolina Local Government Commission recently rejected Cabarrus County’s requests for bonds totaling $228 million, even though the panel’s staff had recommended approval. Some members of the board expressed concerns about the county’s use of bond anticipation notes and suggested that the bonds should be subject to a voter referendum before the commission considers
Hurricane Beryl’s impact on parts of Texas has not halted the upcoming bond pricing for Galveston Wharves. Despite the operational disruption caused by the storm, the port is proceeding with a $160 million revenue bond sale. The once-Category 5 storm made landfall as a Category 1 hurricane 100 miles south of Galveston, but the damage
The Washington Metropolitan Area Transit Authority recently announced its plan to issue $625.4 million of second lien dedicated revenue bonds through a negotiated sale. The decision to issue these bonds is based on the expectation of a positive market response due to the tax-exempt status of the interest in D.C., Maryland, and Virginia. However, the
The municipal bond market showed signs of stability and slight improvement leading up to the Fourth of July holiday. This was influenced by a decrease in U.S. Treasury yields and a mixed performance in equities. The minutes of the Federal Open Market Committee meeting indicated that there was no rush to cut rates, as the
The municipal bond market remained stable on Tuesday, benefiting from a decline in U.S. Treasury yields and a positive performance in equities. Analysts have noted that there will be limited new issuances this week, as many issuers tend to hold off during holiday-shortened weeks. With around $31 billion of July reinvestment cash hitting the market
As June came to a close in 2024, the municipal market seemed to end on a quiet note. Despite a new-issue slate of only $240 million, there were still significant movements to observe. Munis were able to outperform U.S. Treasuries on Friday, maintaining stability while government securities experienced losses. Equities also saw a decline following
The municipal bond market saw minimal changes on Thursday as the largest deals were priced, leading to a somewhat stagnant situation. U.S. Treasury yields experienced a decrease, while equities showed an uptick towards the end of the day. According to Refinitiv Municipal Market Data and ICE Data Services, the muni-to-Treasury ratios ranged from 66% to
The Metropolitan Pier and Exposition Authority (MPEA) in Chicago has approved the sale of up to $231 million in refunding bonds for the McCormick Place Expansion Project. This project aims to upgrade the Lakeside Center building and renovate the guest rooms at the Hyatt Regency McCormick. The Series 2024A and Series 2024B bonds are set