The underwriting spreads for all bonds have witnessed a significant surge in the first half of 2024, reaching beyond $7 for the first time in 25 years. This increase has been notable, with spreads rising to $7.11 in the first half of 2024 from $3.70 in the same period in 2023. Furthermore, spreads on negotiated
Bonds
On Wednesday, municipal bonds saw improvement as focus shifted to the primary market. Chicago entered the market after a delay to price its general obligation bond deal, alongside deals from the Triborough Bridge and Tunnel Authority, the Pennsylvania Turnpike Commission, and the Las Vegas Valley Water Department. This positive movement came on the heels of
Dallas Fort Worth International Airport is preparing to enter the municipal bond market with a $750 million deal after receiving a rating upgrade from S&P Global Ratings. The airport’s rating was increased to AA-minus from A-plus, indicating its strong enplanements, history of financial resiliency, and stable debt service coverage. This upgrade reflects the airport’s improved
The Municipal bond market experienced a weaker performance on Thursday, influenced by the rise in U.S. Treasury yields and a rally in equities. This volatility has been particularly evident in the past several trading sessions, leading to fluctuations in both the municipal bond and UST markets. According to Jennifer Johnston, the director of research for
The Omaha City Council recently approved placing a $333.4 million general obligation bond referendum on the Nov. 5 general election ballot. These bond proceeds are intended to fund various projects including sewer construction, streets and parking, public safety and convention center facilities, parks and recreation, highways and bridges, and police and firefighting equipment. According to
Long Island Power Authority (LIPA) is gearing up to price a billion-dollar bond issuance after recent upgrades from Fitch and with a fresh leadership team. The $1.021 billion bond issuance will include both tax-exempt fixed-rate bonds and mandatory tender bonds, aiming to fund capital improvements and retire existing bonds. The bonds are rated A2 by
The month of July saw a significant increase in municipal bond issuance volume, marking the seventh consecutive month of climbing issuance. Several factors contributed to this rise, including front-loaded issuance ahead of the election, a lower rate environment, and a breakneck pace of supply. July’s volume reached $33.935 billion in 576 issues, up 21.2% from
In the midst of a fluctuating financial landscape, municipal bonds have remained relatively stable. The recent shifts in U.S. Treasuries and stock market performance have influenced the state of municipal bonds. Despite the ongoing impact of external factors, muni yields have sustained levels similar to those observed in the previous summer. This steadiness in yields
The U.S. Soccer Federation is embarking on a new chapter with the construction of their state-of-the-art headquarters and training facility in Georgia. This ambitious project is set to revolutionize the way soccer is developed and nurtured in the United States. However, as with any major undertaking, there are bound to be challenges and critiques along
New York City is set to offer $1.2 billion of refunding general obligation bonds in its first deal of the fiscal year. This comes shortly after the New York City Transitional Finance Authority sold $2.11 billion of bonds. The market is expected to respond positively to this offering, as the city has a strong track