The New York City Municipal Water Finance Authority is set to make its second issuance of the year in the municipal bond market. This issuance is valued at $450 million, with $400 million allocated for system improvements and $50 million for refunding. According to Andrew Rothbaum, who manages investor relations for the authority, the funds
Bonds
The first quarter of 2024 saw a significant uptick in the bond insurance industry, with municipal bond insurance growing by 24.4% year-over-year. The top two municipal bond insurers wrapped a total of $7.132 billion in deals during this period, compared to $5.735 billion in the first quarter of 2023. Assured Guaranty, a major player in
The recent announcement by the Dormitory Authority of the State of New York (DASNY) Board of Directors named Robert J. Rodriguez as its acting president and chief executive officer has sparked conversations within the state. Rodriguez, currently serving as New York’s Secretary of State, is set to begin his new role on May 8, pending
Florida’s Brightline passenger train is making waves in the municipal market with its investment-grade debut. The company is gearing up for a $2 billion deal that marks a significant milestone in its debt strategy. Additionally, there is an additional $1 billion in subordinate high-yield bonds in the works, showcasing the company’s ambitious plans for the
Miami-Dade County, Florida, Mayor Daniella Levine Cava has decided to scrap plans for a proposed $2.5 billion municipal bond referendum in November. The original proposal aimed at funding infrastructure projects but did not include money for transit initiatives. Instead, the mayor now plans to introduce an even larger bonding plan that will incorporate funding for
The recent passage of HB 727 by the Kentucky Legislature marks a significant step towards alleviating the challenges faced by local schools in the state. With rising inflation and soaring building costs, the bill aims to enable school districts to directly issue general obligation bonds. Representative Michael Meredith, the sponsor of the bill, emphasized the
The recent approval of more than $1 billion in financing requests from state agencies and local governments by the North Carolina Local Government Commission raises concerns about the financial implications and sustainability of these projects. While the commission’s mandate is to review the feasibility of proposed projects and the borrowing capacity of municipalities, the scale
The month of March saw a significant increase in municipal bond issuance for the third month in a row. This uptick was largely attributed to a surge in refundings and the completion of several billion-dollar deals. As economic conditions improved and demand for municipal bonds increased, issuers found themselves more confident in entering the market.
As tax season progresses, the municipal bond market is facing challenges and experiencing selling pressure as investors shift their focus from short-term securities to meet their tax obligations. This trend has caused muni bonds to underperform compared to U.S. Treasuries and corporate bonds, with negative returns month-to-date. Despite this, experts believe that the muni market
The municipal bond market experienced a mixed performance on Wednesday, with evident selling pressure on the short end due to few sizable deals pricing in the primary market. Despite this, munis have managed to hold relatively well as yields remain in a tight range. The AAA HG curve in the muni market has maintained stability