The first quarter of 2024 has seen a significant uptick in the bond insurance sector, with the top two municipal bond insurers experiencing an expansion in their operations. According to data from LSEG, municipal bond insurance witnessed a substantial growth of 24.4% year-over-year, amounting to a total of $7.132 billion in the first quarter of
Bonds
The recent announcement by the Dormitory Authority of the State of New York Board of Directors appointing Robert J. Rodriguez as its acting president and chief executive officer has sparked discussions and raised questions about the future direction of the organization. Rodriguez, currently serving as New York’s Secretary of State, is set to assume his
Florida’s Brightline passenger train, known in the high-yield municipal market, is embarking on its investment grade market debut with a $2 billion deal. This marks a significant step towards restructuring its debt load, positioning itself for future growth and stability. In addition to this, there are plans to offer another $1 billion of subordinate high-yield
Miami-Dade County Mayor, Daniella Levine Cava, has decided to abandon her initial proposal for a $2.5 billion municipal bond referendum that was set to take place in November. The purpose of this bond was to fund various infrastructure projects within the county. Instead, Mayor Levine Cava has announced plans to introduce a larger bonding plan
The Kentucky Legislature recently passed a bill that aims to provide local schools across the state with additional financing options to address the challenges posed by construction inflation and soaring building costs. Sponsored by Rep. Michael Meredith, R-District 19, the bill (HB 727) allows school districts to directly issue general obligation bonds, a significant change
The North Carolina Local Government Commission recently approved over $1 billion in financing requests from state agencies and local governments. One of the largest requests came from the North Carolina Housing Finance Agency, which received approval to issue $750 million of revenue bonds aimed at increasing the state’s supply of affordable housing. The agency plans
The recent increase in issuance of municipal bonds in March marks a noticeable trend over the past three months. This rise in volume is attributed to a surge in refundings and several billion-plus dollar deals. The issuance jumped by 7.1% to $36.405 billion in 532 issues, up from $34.008 billion in 601 issues in 2023.
As tax season is currently in full swing, the municipal bond market is experiencing some underperformance and pressure from investors looking to liquidate short-term paper to meet their tax obligations. The muni market has seen negative returns of 0.06% for the month, while U.S. Treasuries are up by 0.63% and corporates have gained 1.18%. According
The municipal bonds market saw a mixed performance on Wednesday, with noticeable selling pressure on the short end. The primary market lacked significant deals, and investors were still digesting the balances from the previous day’s large new issuances. Despite this, munis managed to hold on quite well, with yields staying within a tight range. It
The world of public finance has traditionally been dominated by men, but there are signs of progress. More women are starting to break through the proverbial glass ceiling and take on leadership roles in the industry. One such trailblazer is Samantha Costanzo, who recently became the head of public finance at Huntington National Bank. She