Brightline Florida Bondholders Agree to Two-Week Extension
Brightline Florida and holders of nearly $1 billion of commuter bonds agreed to a two‑week extension, pushing a payment originally due Feb. 17 to a July 1 grace period. The bondholders also waived an event of default for $22 million of senior debt taken without their consent. The commuter bonds, backed by future access‑fee revenues from three South Florida counties, sit alongside a broader senior debt portfolio exceeding $2 billion. The move follows a pattern of annual roll‑overs as Brightline seeks new financing to avoid a mandatory tender and potential default.
USDOT Promotes P3s, Including Potential Pennsylvania Toll Lanes, in Grant Awards
The U.S. Department of Transportation’s Build America Bureau has awarded $46.97 million in grants to 45 state and local governments to explore public‑private partnerships (P3s). The funding, part of the Innovative Finance and Asset Concession program established by the 2021 Infrastructure...
J.P. Morgan Elevates Jamison Feheley, Others
J.P. Morgan has reshuffled its public finance banking team, appointing Jamison Feheley as head of public finance strategic development and Isaac Sine as head of public finance banking. New regional heads now oversee the Southwest, Midwest, Southeast and West regions, reporting...
Amid Water Supply Crisis, Corpus Christi to Sell GO Bonds
Corpus Christi, Texas is launching a $115 million general‑obligation bond sale rated AA with negative outlooks, even as the city confronts a Level 1 water‑supply emergency projected for December. Recent rainfall may push the crisis into next year, but headline risk remains...
Moody's Warns Proposed Political Review of Grants a Credit Negative
The Office of Management and Budget released a proposed rule that would require a senior political appointee to approve all federal grants and expand agencies' authority to suspend or terminate existing awards. Moody's Investors Service warned the change could be...
ATS OpenYield Closes $6M-Plus in Series A Funding
OpenYield, an alternative trading system for bonds, closed over $6 million in Series A funding led by LeveL Markets, with Draper Associates, Canapi Ventures and Clocktower Ventures participating. The round includes a commercial partnership that will embed OpenYield’s bond liquidity into LeveL’s...
Mid-Year Muni Credit Scorecard: Where to Stay Defensive and Where Risks Are Rising
The Bond Buyer’s mid‑year municipal credit scorecard shows overall credit quality still solid, but emerging weaknesses are surfacing. A waning federal stimulus, slower economic growth, persistent inflation, trade tariffs and the Iran war are eroding credit metrics. The scorecard assigns...
Munis Little Changed, USTs Cheapen Slightly
Municipal bond activity was largely unchanged on Friday, following a brief period of modest declines. The market saw solid demand but investors appear to be moderating net buying, according to SWBC CIO Chris Brigati. New‑issue issuance remains robust, with about...
Transit Surging for FIFA
The 2026 FIFA World Cup is driving a massive surge in public‑transit usage across eleven U.S. host cities. Agencies such as LA Metro, Dallas Area Rapid Transit (DART) and Kansas City’s transit authority are preparing for up to three‑fold ridership...
California Dirt Deals Can Be Cleansing for Quality Portfolios Seeking Extra Yield
California’s Mello‑Roos land‑secured bonds have become a cornerstone of the state’s non‑rated municipal market, offering investors yields above traditional general‑obligation bonds. The financing structure ties a special tax to a first‑lien claim on property, backed by reserve funds and a...
Pennsylvania Bill Expands Transportation P3 Authority to Counties, Top Two Cities
The Pennsylvania Legislature is moving House Bill 2469, which would extend public‑private partnership (P3) authority from the state DOT to all 67 counties and the cities of Philadelphia and Pittsburgh. The bill, supported by Transportation Secretary Michael Carroll, follows a...
Munis Little Changed; Two Prepay Deals Price
Municipal bond yields were largely unchanged Monday as two sizable prepaid gas revenue bonds were priced in the primary market. Treasury yields edged higher, rising one to four basis points, while muni yields ticked up about one basis point. The...
THUD Takes a Hit in Appropriations
The House Appropriations Committee reduced discretionary transportation funding by $10.7 billion, a 10.4% cut from last year’s level. The reduction was calculated by AASHTO and includes shifting $1 billion from the FHWA electric‑vehicle program to the FAA and other earmarks. Industry groups,...
Texas Resumes Enforcing Fossil Fuel 'Boycotter' Law After Appeals Court Action
Texas has reinstated enforcement of its 2021 "boycott" law after the Fifth Circuit Court of Appeals stayed a district‑court ruling that declared the statute unconstitutional. The law bars state and local agencies from contracting with firms that boycott fossil‑fuel companies,...
Queries to Muni Underwriters Suggest 'Trading Accounts' A Topic of Interest to Regulators
Regulators are intensifying inquiries into municipal‑bond trading accounts, probing whether they operate as unregistered brokers. Underwriters have faced deeper questions about allocations to these accounts, which traditionally provide liquidity when retail or institutional demand is weak. While trading accounts can...
Tobacco Bonds See First Default After Nassau County Skips Principal Payment
Nassau County’s Tobacco Settlement Corp. missed a $35.9 million principal payment on June 1, triggering the first default in the high‑yield tobacco bond market. The bonds, issued in 2006 for $510 million, slid to a record low of 52 cents, reflecting dwindling settlement cash...
Shuttered College Campus Spurs Debt Debate in Massachusetts
Quincy, Massachusetts mayor Tom Koch is pursuing a $21 million purchase of the shuttered Eastern Nazarene College campus, financing the deal with a $22.5 million municipal bond. The city’s debt load has swelled to $1.5 billion, prompting Moody’s to downgrade its rating to...
Oklahoma Turnpike Authority Eyes $1.5 Billion of Bonds for Capital Program
The Oklahoma Turnpike Authority (OTA) has received board approval to issue $1.5 billion of revenue bonds for the ACCESS program, the third financing round supporting an $8.2 billion toll‑road expansion. The bond package, which may be priced in one or multiple deals,...
Bullish News for Virginia Budget
Virginia’s budget outlook brightened after a revised revenue forecast added $585.5 million to FY 2026 General Fund revenues, pushing overall growth to 7.3 % and projecting a three‑year uplift of about $1.5 billion. The surplus stems from stronger individual income‑tax collections and fewer refunds,...
Oil Shock Clouds Outlook for Interest Rates and Economy
The June 2026 UCLA Anderson Forecast warns that the oil shock from the Iran‑Houthi war and the closure of the Strait of Hormuz has reignited inflation, pushing headline CPI to 3.8 % and a projected 4.5 % peak by year‑end. The Federal Reserve,...
Small Texas City Gets Big Bond Rating Boost From S&P
S&P Global Ratings upgraded the credit rating of Graham, Texas from BBB to A, a three‑notch jump, citing significant financial improvements. The city reversed a decade of negative fund balances, boosting reserves to $2.7 million by fiscal 2025 and implementing multi‑year...
Monday Saw Several Deals Accelerated
On Monday, four municipal bond issuances totaling $797.4 million were accelerated to price early in the week. The deals—North Carolina’s $299 million home‑ownership bonds, Clark County, Nevada’s $206.8 million airport bonds, Virginia’s $176.7 million transportation notes, and Alaska’s $115 million housing bonds—were chosen for their...
California Bullet Train Preps Private Partner, OKs Business Plan
The California High‑Speed Rail Authority (CHSRA) approved a controversial business plan and a $3.5 billion construction contract, and is set to finalize a six‑month pre‑development agreement with the Plenary‑backed consortium by mid‑June. The partnership will evaluate monetization options and propose a...
Premium Muni Bonds Explained: More Cash Flow, Less Volatility
Premium municipal bonds trade above par because their coupons exceed current market rates, delivering higher tax‑free cash flow. The premium is amortized over the bond’s life, so investors receive larger periodic interest while the net cash‑flow advantage versus a comparable...
Corpus Christi's Utility System Downgraded to A-Minus by Fitch
Fitch Ratings downgraded Corpus Christi’s utility system senior lien revenue bonds to A‑minus from AA‑minus, a three‑notch cut driven by acute water supply constraints and weakened revenue defensibility. The downgrade follows similar recent cuts by S&P and Moody’s and adds...
Maryland Dumps Moody's
Maryland terminated its contract with Moody's Ratings days before launching an $800 million tax‑exempt general‑obligation bond sale. The state still holds AAA ratings from Fitch, S&P (negative outlook) and KBRA, and plans to allocate 60% of the proceeds to education projects....
Muni Yields Bumped, Caps Off Strong Week
Municipal bond yields rose 3‑6 basis points on Friday, pushing the 10‑year muni yield back below 3%. The move capped a week of gains as U.S. Treasuries held steady and equities climbed. New‑issue issuance surged to about $12.2 billion for the...
Flood Risk Is a Growing Credit Challenge in U.S.: Moody's
Moody’s latest municipal‑finance report warns that flood‑insurance gaps are turning into a major credit risk for U.S. state and local governments. A $375 billion shortfall exists under a one‑in‑100‑year flood scenario today, swelling to $472 billion by 2050 and reaching $1 trillion for...
Strong Reinvestment Demand Complicated by Geopolitics
Municipal markets are entering a classic reinvestment window as winter redemptions unwind, with June redemptions totaling $44.4 bn and July‑August expected to return roughly $37‑38 bn each. At the same time, record summer issuance—$226.5 bn YTD, a 5.7% year‑over‑year rise—creates a supply glut...
Demystifying Energy Prepay Bonds
Energy prepay bonds, a structured finance tool allowing municipalities to lock in discounted energy supplies, have expanded beyond natural‑gas to include electricity and renewables. Issuance reached a record $31.4 billion in 2025 and $14.6 billion year‑to‑date in 2026, with expectations of another...
Moody's Affirms New Mexico County's Ratings Amid ICE Facility Risks
Moody’s affirmed Otero County, New Mexico’s A1 issuer rating and its A1 and A2 revenue‑bond ratings, while flagging lingering risk tied to the county’s ICE detention facility. The county’s $283 million five‑year ICE service agreement, approved in March, averted an imminent $14.33 million...
Greenberg Taurig Adds John Ormonde Bolstering SALT Practice
John Ormonde, a specialist in state and local tax matters, has joined Greenberg Traurig as a shareholder in its Washington, D.C., office. His practice centers on complex California tax disputes, including income‑tax apportionment and municipal tax challenges. Ormonde brings experience...
Moody's, S&P Upgrade Detroit After Court Ends Oversight
Moody's upgraded Detroit’s general‑obligation bond rating to A3 from Baa1, while S&P lifted it to BBB‑plus from BBB, moving the city into investment‑grade territory. The upgrades follow the court’s decision to end oversight after Detroit completed its final $10 million payment...
Munis See Lighter New-Issue Calendar, More Volatility Next Week
The municipal bond market entered the final week of May with a lighter new‑issue calendar, estimated at $6.16 bn, while yields jumped up to nine basis points amid Treasury volatility and heightened geopolitical risk, especially the Iran situation. Market participants expect...
Leading Issuers Characterized by More Active Strategic Work
DebtBook CEO Tyler Traudt presented a University of Chicago draft study showing that municipal issuers who monitor cash daily and forecast a year ahead secure significantly lower borrowing costs—up to 15 basis points for AA‑plus issuers. The research highlights that...
Orrick Looks Ahead with Next-Gen Hires
Orrick, Herrington & Sutcliffe announced the addition of Clayton Holland as a partner in its Houston office, bolstering the firm’s public‑finance team. Holland, a Chambers‑ranked lawyer, arrives with five years in the Texas Attorney General’s office and a track record...
Oklahoma City to Sell Revenue Bonds for NBA Thunder's Arena
Oklahoma City is issuing $762.4 million of revenue bonds to finance most of the $1.016 billion Continental Coliseum, the new home of the NBA Thunder. The serial bonds mature between 2029 and 2034 and are backed by projected $1.18 billion in sales‑ and...
Munis Cheapen Slightly After Friday's Larger Losses
Municipal bond yields slipped modestly on Monday, trimming the sharp declines seen Friday when inflation worries spurred broader bond market losses. Yield cuts were limited to 1‑3 basis points, with the deepest reductions at the long end of the curve,...
Brightline West $6 Billion Federal Loan Faces Opposition From Anti-Texas Bullet Train Group
A Texas‑based coalition, ReRoute the Route, has urged the U.S. Department of Transportation to reject a $6 billion Railroad Rehabilitation and Improvement Financing (RRIF) loan for Brightline West, arguing it could set a dangerous precedent for the Texas Central bullet‑train project....
The Next Muni Credit Debate: Tax Policy, Mobility and Revenue Durability
Municipal bond markets remain centered on the federal tax exemption, which costs the Treasury about $25 billion each year. Recent legislation, such as the 2017 Tax Cuts and Jobs Act, curtailed tax‑exempt advance refundings, increasing refinancing risk for long‑duration issuers like...
Assessing the 'Hidden' Cost of Aging Infrastructure, and the Credit Risk It Poses to Cities
Richard Ciccarone’s new accounting framework quantifies the $1.03 trillion replacement cost of aging municipal infrastructure across 2,000 U.S. cities. The model, called the ICA Burden, uses depreciation data adjusted for inflation to estimate deferred‑maintenance liabilities that are not currently reported on...
Phoenix Sky Harbor Airport Gets S&P Rating Upgrades
Phoenix Sky Harbor International Airport received a credit rating upgrade from S&P Global Ratings. The agency lifted $585.1 million of senior lien general airport revenue bonds to AA from AA‑minus and raised $1.2 billion of junior lien GARBs to AA‑minus from A‑plus....
Alaska Housing Heads to Market with Aa1 Ratings Affirmed
Moody’s affirmed Alaska Housing Finance Corporation’s (AHFC) Aa1 rating with a stable outlook ahead of a planned $105 million state capital‑project bond issuance. The agency’s strong balance sheet—an asset‑to‑debt ratio of 1.59× and a combined fund balance covering 56% of outstanding...
Munis Succumb to Macro Pressure, USTs Weaken Further After CPI
Municipal bond yields rose up to five basis points on Tuesday, with the steepest gains at the front of the curve, as higher‑than‑expected core CPI pressured U.S. Treasuries and equities. Heavy new‑issue supply and slowing fund inflows amplified the yield...
Supreme Court Ruling Threatens Local Governments
The U.S. Supreme Court’s 6‑3 ruling in Louisiana v. Callais narrows the scope of Section 2 of the Voting Rights Act, limiting its use in redistricting challenges. The decision extends beyond congressional districts to state legislative and local council districts, raising...
Case to Replace Puerto Rico Electrical Distributor Remanded to Local Court
A U.S. district judge remanded a lawsuit seeking to replace LUMA Energy back to Puerto Rico's local court, marking a victory for Governor Jenniffer Gonzalez Colon and a setback for the island's Oversight Board. The ruling allows the governor to file motions...
Assured CEO Upbeat on Brightline Florida as Accounting Shows Otherwise
Assured Guaranty reported a $44 million first‑quarter loss tied to Brightline Florida, but CEO Dominic Frederico stressed optimism because the insurer wraps 51% of the train’s senior Opco bonds, amounting to $1.13 billion. Brightline recently issued a going‑concern warning as revenue falls...
Munis Face Another Week of Robust Supply, Expected Inflows
Municipal bond issuance is set for another week of heavy supply, with estimated issuance of $12.35 billion, including $10.41 billion of negotiated deals and $1.95 billion of competitive issues. Four mega deals—San Francisco airport, New York dormitory, Connecticut general obligation, and Atlanta water...
How Conduit Multifamily Bonds Can Be Dangerous to Portfolio Health
Conduit‑issued multifamily housing revenue bonds often lack the fiscal oversight, reserve funding, and covenant enforcement that state housing finance agencies provide, making them prone to credit stress. Without strong balance sheets or general‑obligation pledges, these shell issuers expose investors to...
Columbia University, Moving Past Trump Administration Attacks, Sells Bonds
Columbia University is launching a $487 million bond program, split into a $200 million taxable series maturing in 2031‑33 and a $286.9 million tax‑exempt revenue series funding capital projects. The bonds are underwritten by Goldman Sachs, BofA Securities and J.P. Morgan, and the university...