Phoenix is making a return to the municipal market with its first new money general obligation bond issue in over a decade. Chief Financial Officer Kathleen Gitkin expresses high expectations for the $238.8 million tax-exempt and taxable deal scheduled to price through a Piper Sandler-led underwriting team. The city has not issued new money GO
Bonds
The North Carolina Local Government Commission recently declined to approve Cabarrus County’s bond requests totaling $228 million. This decision came as a surprise, especially considering that the panel’s staff had recommended approval. However, some members of the commission raised concerns about the county’s use of bond anticipation notes and questioned whether the bonds should undergo
Despite the operational interruptions caused by Hurricane Beryl, the Galveston Wharves is moving forward with its $160 million revenue bond sale, showcasing its strength and resilience. The port’s ability to rebound quickly after the storm, with only minor damage and power outages, is a testament to its robust infrastructure and preparedness. Prior to the bond
The Washington Metropolitan Area Transit Authority (WMATA) is preparing to issue $625.4 million of second lien dedicated revenue bonds in a negotiated sale on July 8th. Analysts are expecting a favorable response from the market, particularly from local buyers in D.C., Maryland, and Virginia. The bonds have been rated as AA by both S&P Global
The municipal market has recently experienced a slight uptick in activity ahead of the Fourth of July holiday. This increase in demand was likely influenced by the decline in U.S. Treasury yields and mixed performance in equities. The Federal Open Market Committee (FOMC) meeting minutes further indicated that while inflation was still a concern, there
The municipal market in the US remained steady this past week as U.S. Treasury yields experienced a decline while equities registered an increase. Industry experts are predicting slow activity in the market this week due to the usual trend of issuers taking a break during holiday-shortened weeks. This is expected to result in a “muted”
The article discusses how municipals were slightly weaker than usual but still outperformed U.S. Treasuries. Despite this, UST yields rose significantly, with the two-year UST rising up to 14 basis points. The muni-to-Treasury ratios were also analyzed, showing variations depending on the curve. The ICE Data Services provided slightly different ratios compared to the Refinitiv
The municipal market closed the month and the first half of 2024 quietly, with a new-issue slate of only $240 million. This quiet end was attributed to the Fourth of July holiday-shortened week and a lack of significant market activity. However, despite the lack of new issuance, there were key developments to observe, especially in
The municipal bond market experienced minimal changes on Thursday as the largest deals were finalized. Despite this, municipal bond mutual funds reported a return to outflows. U.S. Treasury yields declined while equities saw an increase near the market close. The ratios of municipal bond yields to Treasury yields varied on Thursday, with the two-year at
The Metropolitan Pier and Exposition Authority (MPEA) in Chicago has approved the sale of up to $231 million of bonds for the McCormick Place Expansion Project. The project includes upgrades to the Lakeside Center building and renovation of guest rooms at the Hyatt Regency McCormick. The bond sale, consisting of Series 2024A and Series 2024B