In a recent high-profile transaction involving Florida’s Brightline passenger train, Assured Guaranty played a crucial role by wrapping $1.13 billion, or 51%, of the $2.219 billion of senior bonds issued by the passenger rail line. This significant investment gives Assured Guaranty control in the event that the issuer faces debt payment trouble. With an irrevocable
Bonds
In the aftermath of a challenging year, healthcare issuance has shown signs of a rebound as systems reenter the bond market to address pent-up needs. According to data from LSEG, healthcare issuance has surged by 122.2% year-over-year through April, reaching $9.062 billion in the first four months of 2024. Despite this positive trend, the sector
In the world of finance, trends are constantly shifting and evolving. The municipal bond market is no exception to this rule. Recent data shows that municipals were relatively stable in secondary trading on Tuesday, despite some fluctuations in the primary market. With a slew of new deals hitting the market, including a large Novant healthcare
Brightline, a privately owned passenger train service in Florida, recently made headlines with its bond issue in the tax-exempt market. The company offered over $3.1 billion of low-investment grade and unrated bonds, some of which had yields as high as 12%. Despite the risky nature of these bonds, there was strong demand for all of
The city of Quincy, Massachusetts, has taken a groundbreaking step by issuing $10 million in tax-exempt bonds utilizing blockchain technology. This move, in partnership with J.P. Morgan, marks a significant development in the municipal bond market and signals the potential for a transformative shift in the way bonds are issued and traded. In a first-of-its-kind
The municipal bond market experienced slight weakness in secondary trading on Wednesday, with a particular focus on the Los Angeles Unified School District’s nearly $3 billion pricing for institutions. The rise in U.S. Treasury yields and mixed performances in equities also contributed to the market dynamics. Despite this, GW&K Investment Management strategists noted that munis
Investors in the municipal bond market have been focused on the primary market this past week, as the secondary market has taken a backseat. With up to $13 billion of supply on tap, there is ample opportunity to buy paper, according to experts like Chris Brigati from SWBC and Anders S. Persson and Daniel J.
Rockefeller Asset Management has recently made a significant announcement regarding the addition of three new portfolio managers to enhance its municipal investment strategies within the fixed income division. This move aims to strengthen the firm’s position in the market and provide investors with opportunities for growth and diversification. The three new portfolio managers, Scott Cottier,
Florida’s Brightline passenger train has recently taken steps to restructure its debt by adding a substantial amount of unrated tax-exempt paper to the mix. This move comes as the company looks to price the new debt in the near future, with initial price talks ranging between 11% and 15%. The bonds in question are subject
The year 2024 has brought significant challenges for municipal bond mutual funds, as they experienced a notable outflow of $1.47 billion. This trend was largely attributed to tax-deadline selling pressure, coinciding with the rise in interest rates and volatile movements in the U.S. Treasury market. Both exchange-traded funds and open-end funds saw outflows due to