Austin to Sell $1.18 Billion of Revenue Bonds for Airport Expansion
Austin is issuing $1.18 billion in revenue bonds, the largest ever for its airport, to fund a $5.5 billion expansion program. The issuance splits into $874.6 million of AMT bonds and $306.35 million of non‑AMT debt, all rated A1/A+/AA‑ with stable outlooks. The plan adds a midfield Concourse B, expands jet‑bridge gates from 33 to 60 by 2031, and relies on bond financing for 83% of the project, with $4.17 billion slated for future issuances. Airline gate‑lease commitments and strong cash‑flow coverage underpin the credit ratings.
Bond Attorney Patricia Eichar Jumps to Stradling, Yocca, Carlson & Rauth
Patricia "Trish" Eichar, a longtime public‑finance partner at Orrick, will join Stradling, Yocca, Carlson & Rauth as a partner on April 15. The move positions her in Sacramento, where she will focus on California state and local government bond work,...
States Jockey for Priority over Locals for Federal Transportation Funds in Next Surface Bill
State transportation officials, led by AASHTO and other industry groups, sent an April 6 letter urging Congress to preserve the 85‑percent state/15‑percent local split of federal highway formula funds in the next surface‑transportation reauthorization. The letter argues that local governments often...
D.C. Budget Proposal Would Cut $469 Million in Spending
Mayor Muriel Bowser unveiled a $12.7 billion FY 2027 budget for Washington D.C., trimming $469 million from programs to address a $1.1 billion gap. The cuts focus on employee pay freezes, a scaled‑back universal paid‑leave program, and a pay‑equity fund for childcare workers. Revenue...
S&P Goes Negative on DeKalb Co., Ga., Water and Sewer Bonds
S&P Global Ratings lowered the outlook on DeKalb County, Georgia’s water and sewer senior lien bonds to negative while affirming the AA‑minus rating, affecting $1.28 billion of debt. The agency cited weakening debt‑service coverage, projected at 1.2‑1.4× over the next three...
Massachusetts Will Bring $1 Billion GO Deal Competitively
Massachusetts is set to launch a $1.08 billion general‑obligation bond sale on April 22, divided into four series ranging from $185 million to $360 million. The competitive offering targets eight to ten banks per series and includes a refundable component that can be withdrawn...
Munis Steady, New-Issue Calendar Grows to $13.5B
Municipal bond prices held steady on Friday as U.S. Treasury yields slipped back into the 4.20‑4.30% range, a level BofA strategists deem neutral for muni performance. The softer‑than‑expected March CPI added modest support to equities, while the fragile U.S.–Iran cease‑fire...
Maryland Creates P3 Office as DOT Revives American Legion Bridge, Managed Lanes Project
Maryland Governor Wes Moore announced the creation of the state’s first public‑private partnership (P3) office within the Maryland Economic Development Corporation. The office will spearhead financing and delivery of the stalled American Legion Bridge replacement and new express toll lanes...
Fragile Ceasefire, Larger New-Issue Calendar Will Impact Muni Market
A fragile cease‑fire in the Middle East and a hefty $13.5 billion new‑issue calendar are set to pressure the municipal bond market next week. Analysts note that while the cease‑fire could provide short‑term comfort, the risk of renewed conflict remains high....
LA Metro Deal Funds Rail Transit Service Expansion
Los Angeles County Metropolitan Transportation Authority (LA Metro) sold approximately $900 million of senior‑lien Measure R bonds, rated AAA by S&P and Aa1 by Moody’s, to refinance older debt and fund capital projects. The bonds carry a 5% coupon and were priced...
Military Housing Bonds Dropped to Ba1 by Moody's
Moody's downgraded Southeast Housing’s military‑housing revenue bonds to Ba1, a junk‑grade rating, affecting $350 million of 2007 Series I bonds. The cut reflects weakened fiscal 2025 performance driven by costly environmental remediation at Naval Air Station‑Key West, which pushed the coverage ratio...
San Diego Community Power Prepay First to Involve REIT
Realty Income became the first REIT to fund a prepaid‑energy municipal bond, backing San Diego Community Power's $687.2 million revenue‑bond issuance. The deal, priced on March 10 through the California Community Choice Financing Authority, was heavily oversubscribed despite market volatility from the...
Lawsuit Challenges Newspaper Notice for Bond Sale in Louisiana
Louisiana advocacy groups have filed a lawsuit challenging the Port of South Louisiana’s $400 million bond sale intended to fund dock and ancillary facilities at the RiverPlex MegaPark. The plaintiffs allege the port failed to publish the required public notice in...
Rocky Mount, N.C., Downgraded to A1 After Takeover Threat
Moody's lowered Rocky Mount, North Carolina’s issuer and special‑tax ratings to A1, two notches below its previous Aa2 standing, citing a sharp erosion of liquidity that fell to under 11 % of revenue in FY 2025. The city carries $80.2 million in debt...
Munis Quiet as Market Takes Wait-and-See Approach to Ceasefire
Municipal bond yields held steady Thursday as investors shifted from the brief relief rally sparked by a temporary ceasefire to a more cautious stance. The market’s quietness followed comments that the ceasefire remained fragile, prompting a wait‑and‑see approach. Meanwhile, Anne...
Munis Showed up Throughout a Volatile First Quarter
Jeff Lipton of The Bond Buyer notes that the municipal bond market weathered Q1 volatility driven by the Iran‑Israel conflict and soaring oil prices. Issuance remained robust, posting an 8% year‑over‑year increase with March volume up 20% YoY. Yields rose...
KBRA Revises Outlook Upward on CTA TIFIA Loans
KBRA has upgraded its outlook on the Chicago Transit Authority’s 2015‑2016 TIFIA loans to stable, affirming an AA‑minus long‑term rating. The change follows Illinois Senate Bill 2111, which injects over $500 million in annual sales‑tax revenue into the CTA starting FY 2026....
Reconciliation Becomes More Real
Congressional insiders see a shift toward a second, possibly third, budget‑reconciliation bill as the House eyes new revenue sources, including making municipal bonds taxable. The effort must clear the Senate's Byrd Rule and stay within the Ways and Means Committee's revenue focus....
UMB Sues Public Finance Authority, Addiction Center Manager After 'Collapse'
Bond trustee UMB Bank NA has filed a lawsuit in Indiana seeking a court‑appointed receiver for two addiction‑treatment centers financed with $117 million of tax‑exempt municipal bonds. The suit targets Wisconsin’s Public Finance Authority (PFA) and three healthcare managers, alleging financial...
Georgia's Tax Limit Legislation Said Not to Hurt Credits
Georgia’s legislature approved a 20‑basis‑point personal‑income‑tax cut, lowering the rate from 5.19% to 4.99% for 2026 and setting a schedule of further reductions to 3.99% by 2035. The package also raises the standard deduction for joint filers to $30,000 and...
Munis Slightly Firmer in Spots Ahead of Trump's Iran Deadline
Municipal bonds held steady with modest gains in select sectors on Tuesday, even as President Donald Trump warned of a deadline for Iran to reopen the Strait of Hormuz. The market’s calmness contrasted with heightened volatility in Treasury yields and...
Illinois' CGFA Analyzes Pritzker's Budget, Sees More Bonding
The Illinois Commission on Government Forecasting and Accountability projects $3.2 billion in bond issuances for FY2027, pushing total outstanding debt to $29.9 billion. Improved credit ratings have lowered true interest costs to about 4.95% for taxable bonds, down from 5.35% earlier in...
Houston Watching Market to Bring Back High-Yield United Deals
Houston Treasurer Vernon Lewis announced the city will attempt to re‑enter the market with a speculative‑grade United Airlines bond issuance worth roughly $400 million. The deal, originally slated for November, was shelved twice—first due to weak investor interest and later because...
P3 for San Francisco Bus Yard Supported by $742M Bond Sale
California Municipal Finance Authority will issue $742 million in tax‑exempt bonds to fund SFMTA’s first public‑private partnership—a four‑story, state‑of‑the‑art bus yard that will replace the agency’s 111‑year‑old, seismic‑hazardous facility. The financing consists of a $492.6 million 2026A series and a $250 million 2026B...
New Hampshire Pulls Refunding Component of Deal
New Hampshire postponed the refunding portion of its annual $83 million general obligation (GO) bond sale, citing unfavorable market conditions. The state proceeded with a $60 million tranche sold to TD Bank at a true interest cost of 3.5723%, while the $23 million...
Muni Tools of the Trade Make Us Better Practitioners
The article outlines the expanding toolbox of data platforms that municipal bond practitioners rely on, from the MSRB’s EMMA repository to subscription services like Bloomberg and MMA. It highlights how both free government sites and paid analytics help issuers, advisors,...
Texas Confronts Eye-Popping Water Needs that Threaten Its Growth Story
Texas faces a looming water shortage that threatens its rapid population and economic growth. The Texas Water Development Board estimates $174 billion—about $3.5 billion per year—will be needed for water infrastructure over the next 50 years, with mega‑projects like $10 billion reservoirs on...
Munis Keep Firming, Long-Term USTs See Small Gains
Municipal bonds continued to firm, posting modest spot gains and extending a week‑plus rally, while long‑term U.S. Treasuries edged higher. The yield curve fell each day last week, prompting strong dealer inquiries, especially in the 10‑ to 15‑year segment hit...
Muni Market Sees Minimal Tax Selling
The municipal bond market entered the 2024 tax season with less selling pressure than usual, as investors leaned on cash and money‑market funds rather than liquidating muni holdings. Investment‑grade munis slipped 2.32% in March, pulling year‑to‑date returns to –0.18%, while...
U.S. Supreme Court Won't Hear Oklahoma Tribal Citizen Taxation Case
The U.S. Supreme Court declined to hear a petition from Muscogee (Creek) Nation citizen Alicia Stroble, who argued that Oklahoma cannot tax tribal members living on reservation land. The case stemmed from the 2020 McGirt decision, which affirmed that roughly...
Lancaster County Schools, South Carolina, Outlook Lowered to Negative
S&P Global Ratings lowered the outlook for Lancaster County School District in South Carolina to negative after the district tapped its reserves in fiscal 2024 and 2025. The agency affirmed the district’s general‑obligation bonds at AA‑minus and its installment‑purchase revenue...
Oklahoma City Looks to Come to Market Next Month with Basketball Stadium Financing
Oklahoma City will issue $825 million of municipal bonds in May to fund a new arena for the NBA’s Thunder, securing the team’s presence through at least 2053. The Thunder will contribute $50 million, while the city adds $78 million from MAPS 4 funds...
New Hampshire Preps Its Annual General Obligation Bond Sale
New Hampshire will sell $83 million of general‑obligation bonds on Tuesday, divided into a $60 million Series 2026A maturing 2027‑2046 and a $23.08 million Series 2026B slated for 2027‑2036 refunds. The bonds carry top‑tier ratings—Moody’s Aa1 and AA‑plus from Fitch and S&P—reflecting the state’s solid...
Rocky Mount, North Carolina, Threatened with State Takeover
Rocky Mount, North Carolina, a city of about 54,500 residents, has been issued a final warning by the state Local Government Commission over a precarious fiscal position. The city carries $69.1 million in debt, including $29.4 million of special‑obligation bonds, and its...
Gas Prices Boosting and Biting State Budgets
Crude oil prices have surged past $100 a barrel, delivering a short‑term windfall for oil‑producing states that rely on severance taxes. Alaska’s revenue forecast rose to $6.5 billion, up $0.5 billion from the prior estimate, while North Dakota and Alaska already collect...
Underwriters Challenged on $13.5 Billion in Puerto Rico Bonds
A federal judge left open a potentially massive liability for the nation’s biggest municipal‑bond underwriters over $13.46 billion of Puerto Rico bonds. The court‑appointed trustee, Drivetrain LLC, is seeking the return of $84.2 million in underwriting fees and $1.32 billion in swap‑termination fees,...
San Jose Schools See Ratings Boost Despite Declining Enrollment
Moody’s Ratings raised Alum Rock Union Elementary School District’s issuer rating from A2 to A1 and its general‑obligation bonds to Aa3 as the district prepares a $52.5 million bond issuance. Despite a projected enrollment loss of over 1,000 students by fiscal...
Texas Utilities Need to Manage Massive Data Center Demand
Texas is on track to become the United States’ largest data‑center market by 2030, overtaking Virginia within five years. The surge will add electricity demand comparable to a Houston‑sized city to ERCOT, prompting utilities to assess credit risk and avoid...
New Mexico AG Seeks to Void County's ICE Contract for Bond-Financed Facility
New Mexico Attorney General Raul Torrez filed a mandamus petition with the state Supreme Court to void Otero County’s $283 million intergovernmental service agreement with ICE, arguing it lacks required state approval and violates the Immigrant Safety Act. The contract, re‑approved...
States Edging Into Crypto
SEC Chair Paul Atkins announced that four cryptocurrency asset categories are not securities, overturning former Chairman Gary Gensler’s broader stance. The SEC released a 68‑page interpretation of the Howey Test to support the new view. States are moving quickly: New Hampshire...
PFM to Launch Special District Company
PFM Financial Advisors is launching an independent subsidiary, PFM Management Services LLC, to deliver dedicated management and administrative support to special districts nationwide. The new firm will handle financial coordination, reporting, fiscal impact analysis, tax roll services, compliance, board administration,...
Texas Local Officials Cite Bonding Needs, State Impediments
Texas city leaders warned that recent state actions are tightening access to municipal bond markets and curbing competition for procurement contracts. Austin Mayor Kirk Watson highlighted billions of dollars in upcoming projects—a $1.5 billion wastewater‑treatment plant, a $5 billion airport expansion, and...
Reconciliation Revives Tax Exemption Threat
Congress is weighing a second budget reconciliation bill that could strip the tax‑exempt status of municipal bonds, a move floated by House Budget Chairman Jodey Arrington and Senate Budget Chairman Lindsey Graham. The proposal, linked to fraud‑targeting tax cuts and...
Oppenheimer Hires Three Ex-Huntington Employees
Investment bank Oppenheimer announced the hiring of three former Huntington National Bank executives—Matt Davis, Lauren Carter, and Brendan Shanahan—as managing directors to expand its municipal underwriting, sales, and trading platform. The hires follow a broader recruitment drive that began with...
Upgrades Outpace Downgrades in Moody's Special Purpose District Review
Moody's latest special purpose district rating review, launched in December, recorded 158 upgrades, 57 downgrades and 60 confirmations across 164 Texas utility districts, 39 Colorado metro districts and 22 other states. Upgrades were mainly one‑notch and stemmed from stronger financial...
Children's Hospital Los Angeles Bond Deals Expected to Increase Liquidity
Children's Hospital Los Angeles (CHLA) issued $187.5 million taxable revenue bonds, priced at a 5.4% coupon with a yield 137 basis points over the Treasury curve. Moody’s affirmed a Ba2 rating with a negative outlook, highlighting weak liquidity and heavy Medicaid exposure....
Harvard Returns to Market with a $675 Million Bond Sale
Harvard University is pricing a $675 million tranche of unsecured general‑obligation revenue bonds, rated Aaa by Moody’s and AAA by S&P. The proceeds will fund campus construction, refinance 2016 bonds and repay commercial paper. The sale comes amid ongoing federal lawsuits,...
Missouri Ice Rink Facility Defaults on Revenue Bonds
The Maryland Heights‑owned Centene Community Ice Center has drawn on its debt‑service reserve to meet a March principal payment on its $50.2 million Series 2018A revenue bonds and has defaulted on the $5.5 million Series 2018B subordinate bonds. Outstanding principal on the Series A bonds...
A 'Federal Property Reinsurer' Would Benefit State and Local Governments
Researchers from Brookings propose a federal property reinsurer, dubbed US Re, to backstop severe catastrophe risk for U.S. homeowners insurers. By absorbing the most expensive events, the entity could lower premiums, which rose 28% inflation‑adjusted from 2017‑2024, and keep insurers in...
Gaming Out Transportation Funding
Transportation leaders and rating agencies are watching the pending surface‑transportation reauthorization that will replace the Infrastructure Investment and Jobs Act (IIJA). A study by IHS Markit shows roughly 40% of IIJA spending will occur after the September 30 deadline, extending the construction...