Munis Steady, USTs Largely Ignore Jobs Report
Municipal bond yields held steady across maturities on Friday despite a stronger‑than‑expected 115,000 nonfarm payroll increase in April. Treasury yields edged lower, falling up to three basis points, as investors remained more focused on geopolitical developments in the Middle East than on the jobs data. Barclays strategists noted that tax‑exempt yields are now attractive, prompting the largest fund inflows in nearly two months. The week’s new‑issue calendar projects $12.35 billion of issuance, highlighted by a $1.179 billion San Francisco airport revenue‑refunding bond series.
Cash, Debt, Budget and Disclosure in Uncertain Times
Unpredictable federal actions in 2025‑2026—shutdowns, grant terminations and funding freezes—have left municipalities scrambling to align cash inflows with budgeted expenditures. Public‑finance professionals are urged to adopt real‑time treasury solutions that track actual bank activity, forecast variances, and enable rapid response...
Parties in Challenged Puerto Rico Bonds Case Seek Mediation
U.S. District Judge Laura Taylor Swain urged the parties in the $13.5 billion Puerto Rico bond litigation to set a trial schedule, but the underwriters instead asked for a stay to pursue mediation. The defendants, a consortium of major banks and...
Houston Set to Price High-Yield United Airlines Deal Tuesday
Houston will price $256 million of high‑yield United Airlines bonds on Tuesday, marking the city’s second attempt after postponements in November and March. The issuance comprises two revenue‑bond tranches—$106 million for ground‑services equipment and $150 million for a new catering kitchen, the largest...
Muni Market Continues to Adopt Electronic Trading
Electronic trading of municipal bonds hit a new high in Q1 2026, with 21 % of total muni volume executed electronically, up from 20 % the prior quarter. The uptick reverses the usual seasonal dip and signals accelerating adoption across both the buy‑side...
Minnesota's Main Safety Net Hospital Seeks State Rescue
Hennepin County Medical Center, Minnesota’s largest safety‑net hospital, is on the brink of closure as early as June unless the state provides emergency funding. The Minnesota Senate has passed a $150 million rescue package, while lawmakers debate additional measures such as...
Tax Exemption, Medicaid Funding Are Top Muni Pros' Concerns
The Bond Buyer’s 2026 Policy Pulse Survey of 82 municipal finance professionals reveals deep anxiety over federal policy, especially the tax‑exempt status of muni bonds, Medicaid funding volatility, and trade‑tariff shifts. Roughly 75% of respondents see a negative impact on...
Los Angeles Mayor Says City Has a New Approach to Infrastructure
Los Angeles Mayor Karen Bass unveiled the city’s first comprehensive, multi‑year Capital Improvement Plan (CIP), a 112‑page strategy that consolidates 14 infrastructure bureaus into a single funding roadmap. The plan seeks to address decades of under‑investment—currently only 1.11% of general‑fund...
Proposed EPA Budget Zeroes Out Water Revolving Funds as Chief Says the SRFs 'Don't Revolve'
The EPA’s FY 2027 budget request would slash the drinking‑water and clean‑water State Revolving Loan Funds by roughly 90%, reducing them to $150 million and $155 million respectively—a $4.6 billion cut from FY 2026 levels. EPA Administrator Lee Zeldin defended the reductions, blaming longstanding earmark...
North Carolina Panel Approves $2.2 Billion in Borrowing
The North Carolina Local Government Commission authorized roughly $2.2 billion in municipal borrowing, targeting a range of infrastructure projects across the state. Charlotte will sell $215 million in bonds to build a fourth runway at its international airport and receive $530 million in...
New Rules for FEMA
Congress approved funding that includes Section 313, a new FEMA rule mandating a public, interactive dashboard for all reimbursement requests under the agency's Public Assistance program. The dashboard must be updated within 90 days of receipt and 60 days after final...
Kansas Gets Positive Rating Outlook From Moody's
Moody’s upgraded Kansas’s credit outlook from stable to positive, highlighting the state’s strengthened governance, a robust budget‑stabilization fund and higher pension contributions. Governor Laura Kelly said the shift reflects eight years of fiscal discipline, including a $2 billion rainy‑day fund and...
Atlanta to Offer $1.1 Billion of Subordinate Water and Sewer Debt
Atlanta’s Department of Watershed Management will price $1.1 billion of subordinate‑lien water and wastewater bonds next week, following a March upgrade that lifted senior‑lien ratings to AA and subordinate‑lien ratings to AA‑minus. The new issuance, rated Aa3 by Moody’s and AA‑minus...
Munis and USTs Richen, Buoyed by Optimism on Iran
Municipal bond yields tightened by up to three basis points on Wednesday as optimism over a potential Iran agreement pushed U.S. Treasury yields down eight basis points and lifted equity markets. The day saw lighter issuance compared with Tuesday, but...
Airport Sector Will See Limited Fallout From Spirit Airlines' Demise
Spirit Airlines filed for bankruptcy and ceased U.S. operations after a failed $500 million bailout, prompting concerns across the airport industry. Analysts say the overall impact on the U.S. airport sector will be negligible, with large hubs like Fort Lauderdale and...
Embracing AI Is Essential, Milken Panel Says
At the Milken Institute Global conference, senior tech executives and U.S. senators warned that embracing artificial intelligence is essential for America’s economic growth, national security, and global competitiveness. Alphabet’s Ruth Porat highlighted AI’s potential to eradicate disease while noting the...
Georgia Proton Center Bondholders Will Take Haircut After Bankruptcy Sale
Georgia's sole proton‑therapy center, the Georgia ProtonCare Center, was sold to Emory University for $110 million, covering only about 20% of its $550 million bond debt. The Chapter 11 sale leaves senior bondholders with an estimated 65% haircut and offers nothing to subordinate...
Illinois Municipal League Floats Alternative to Pritzker's BUILD Plan
Illinois Municipal League (IML) unveiled the Reducing Expenses and Advancing Local (REAL) Housing Act as an alternative to Governor JB Pritzker’s BUILD plan, which includes a $250 million state‑funded housing package and HB 5626. The REAL Act focuses on restoring municipalities’ full 10%...
Private Activity Bonds to Fund Detroit Mixed-Use Developments
The Michigan Strategic Fund approved a $150 million private‑activity bond issuance for Bedrock TBP, Inc. to fund four mixed‑use developments in Detroit, including the Hudson’s Detroit skyscraper, Book Tower renovation, One Campus Martius expansion, and a COSM immersive‑reality venue. The bonds...
Texas City Seeks Court Validation for Bonds
McKinney, Texas is asking a state court to validate $30 million of sales‑tax‑backed bonds that refinance a low‑interest TIFIA loan for the city’s airport expansion. The loan is projected to save roughly $15 million over 30 years. A conservation group sued, claiming the...
PFM Adds 28 Districts to Its Management Practice
PFM Financial Advisors has expanded its newly created PFM Management Services unit by acquiring 28 special districts in central and south Florida, including 22 from JPWard and Associates. The deal, the firm’s largest since the 2019 Fishkind & Associates integration,...
Amid Texas Crackdown, More City Audit Releases Are on Time
Texas enacted a law that penalizes municipalities filing annual audits later than 180 days after fiscal year‑end, allowing the attorney general to block property‑tax hikes. The crackdown, led by AG Ken Paxton, has expanded to over 1,000 cities, prompting many...
José Torres Analyzes the Federal Reserve Meeting
In the May 4 video, Bond Buyer senior analyst José Torres breaks down the Federal Reserve’s latest policy meeting. The Fed left its benchmark rate unchanged at the 5.25%‑5.50% range and hinted that any easing will be gradual as inflation remains...
Issuance, Geopolitics Weigh on Muni Market Participants
Municipal‑bond investors enter May facing an unusually large new‑issue calendar, with about $12.2 billion of tax‑exempt supply slated for the week—roughly a third of the 10‑year average compressed into a single month. Analysts expect strong demand for high‑grade issuers, but rate...
Highway Trust Fund Looking for Answers
The Highway Trust Fund (HTF) faces a looming shortfall as vehicle‑miles‑traveled growth has stalled at roughly 1% annually, driven by hybrid and electric vehicle adoption. The fund, insolvent since 2007, has required $272 billion in general‑revenue bailouts, with the last expected...
Dana-Farber Mega-Deal Pays for Cancer Center and Refunding
Dana‑Farber Cancer Institute issued $1.4 billion of municipal revenue bonds (Series Q and R) to fund half of a new 300‑bed cancer‑hospital tower and to refinance nearly all existing debt. The first tranche of $1.304 billion carries yields from 3.57% to 4.84% and...
Moody's Ratings Lowers Missouri's Outlook to Negative
Moody's Ratings kept Missouri’s Aaa issuer rating but shifted its outlook from stable to negative, citing a large structural deficit and declining fund balances. The outlook change impacts roughly $1.8 billion of the state’s outstanding debt and includes a new Aa2...
Jacksonville Aviation Authority Bringing $222 Million Next Week
Jacksonville Aviation Authority will price $221.7 million of alternate minimum tax‑eligible aviation revenue bonds next week, marking the airport's first publicly available bond issuance in two decades. The bonds are led by J.P. Morgan and co‑managed by BofA Securities, Ramirez & Co., and RBC...
April Muni Issuance Falls, but Remains Above 10-Year Average
April municipal bond issuance slipped 7.8% year‑over‑year to $47.607 bn across 797 issues, yet it remains well above the 10‑year average of $37.323 bn. The decline follows a strong 2025 year, with April 2025 topping $50 bn for only the second time. Tax‑exempt...
MSRB Approves Amendments to Dealer Supervision Rule
The Municipal Securities Rulemaking Board approved amendments to Rule G‑27, extending the annual business‑day exclusion for non‑primary residences from 30 to 60 days and clarifying the definition of “structuring” for public offerings and private placements. It also issued a request for...
DOT Officials Pushing for More Private Activity Bonds
The U.S. Department of Transportation is urging Congress to lift the $30 billion cap on private‑activity bonds (PABs) and to broaden the Transportation Infrastructure Finance and Innovation Act (TIFIA) to include more airport projects. DOT officials say the current PAB reservoir...
School Fiscal Challenges Are Pressuring Bond Ratings
Credit rating agencies are flagging mounting fiscal pressure on U.S. K‑12 districts and colleges as enrollment declines, rising salary and benefit costs, and limited revenue flexibility erode credit quality. Fitch reported that K‑12 districts accounted for 70% of its downgrades...
Municipal Advisor for PFA, CalCHA Defends Distressed Deals
GPM Municipal Advisors, the municipal advisor for California Community Housing Agency (CalCHA) and the Public Finance Authority (PFA), defended its role amid a wave of distressed workforce‑housing bond deals. CalCHA’s $2.5 billion portfolio of 14 projects has seven assets in default...
Falling Average Trade Size Shows SMA Demand, Growing Electronification
The average municipal‑bond trade size slipped below $204,000 in Q1, a 5% drop from the prior year, reflecting a surge in separately managed accounts (SMAs). SMAs now hold roughly $1.3 trillion in assets across about 180 managers, fueling a constant flow...
Moody's Knocks a Private Vermont College Deeper Into Junk
Moody's Investors Service downgraded Saint Michael's College, a small Catholic liberal‑arts school in Vermont, to a B3 rating, moving it deeper into junk territory from B1. The college carries $57.9 million of outstanding debt and has posted three consecutive years of...
DOT Bullish on Brightline West as $6bn RRIF Loan Pends
The Federal Railroad Administration chief David Fink publicly endorsed Brightline West, highlighting it as the most viable high‑speed rail project in the United States for the next decade. The endorsement comes while the company awaits a decision on a $6 billion...
Munis and USTs Weaken as Strait of Hormuz Blockade Drags On
Municipal bond yields slipped while U.S. Treasury yields rose, with the 30‑year note edging just below 5%—its highest level since mid‑July. The move followed President Donald Trump’s dismissal of Iran’s proposal to reopen the Strait of Hormuz, heightening concerns about...
Moody's Downgrades Northern Illinois University to Junk
Moody's Ratings downgraded Northern Illinois University’s issuer and revenue‑bond ratings to speculative‑grade Ba1, ending its investment‑grade status. The university carries about $301 million of debt and posted less than 1× debt‑service coverage in fiscal 2025. NIU cited a balanced current budget,...
FRA Flexes Funding
The Federal Railroad Administration announced a series of funding initiatives aimed at modernizing U.S. passenger rail and improving safety. It unveiled $1.1 billion for crossing upgrades, $4.7 billion for Northeast Corridor projects, and $2.04 billion for the Consolidated Rail Infrastructure and Safety Improvements...
Years After TCJA's Enactment, Push to Restore Tax-Exempt Advance Refunding Continues
The 2017 Tax Cuts and Jobs Act eliminated tax‑exempt advance refundings, a long‑standing municipal financing tool, and the provision will turn ten next year. State and local issuers, led by Michigan Treasurer Rachael Eubanks, argue that rising interest rates have...
Munis Cheapen, USTs End Mixed
Municipal bond yields fell across the curve on Tuesday as U.S. Treasuries posted mixed moves and equity markets closed lower. Analysts linked the muni decline to the Treasury market’s range‑bound behavior and the Federal Reserve’s likely decision to hold rates...
Sacramento School Bonds Dropped to Junk on Fiscal Woes
Fitch Ratings downgraded Sacramento City Unified School District’s issuer default rating to BB‑minus and its unlimited‑tax general‑obligation bonds to junk, while dedicated‑tax bonds remain investment‑grade. The agency cited rapidly depleting liquidity, eroding reserves and overspending that began in fiscal 2025...
How Mortgage Revenue Bonds Can Boost Your Portfolio
The article explains how state and local housing finance agencies issue mortgage revenue bonds (MRBs) to fund affordable single‑ and multi‑family housing, detailing their structures, credit quality, and market dynamics. It highlights that MRBs, backed by government‑pledged assets and often...
Florida Fight Continues over Tax Collection for PACE Bonds
The Florida Supreme Court will consider a dispute between the Florida PACE Funding Agency and 42 county tax collectors over whether the collectors must enforce assessments that back $5 billion of authorized PACE bonds. PACE seeks a writ confirming that the...
Bond Insurance Usage Rises Nearly 5% in Q1
Bond insurance volume rose 4.9% year‑over‑year to $7.704 billion in Q1 2026, covering 350 deals. The two largest municipal insurers, Assured Guaranty and BAM, together accounted for the entire market, but Assured’s share slipped to 53.1% while BAM’s grew to 46.9% with...
Push to Expand Financing Tools, Like PABs and TIFIA, for Ports
The Trump administration’s Maritime Action Plan calls for expanded financing tools for U.S. ports, including a national volume cap on private activity bonds (PABs) and access to the Transportation Infrastructure Finance and Innovation Act (TIFIA) loan program. Attorneys from Squire...
Texas Voters Weigh $78.48 Billion of Bonds on May 2
Texas voters will decide on $78.48 billion of local general‑obligation bonds on May 2, the largest May‑month package in state history. The ballot features a $6.24 billion Dallas Independent School District proposal, $65 billion from municipal utility districts, and measures from five cities totaling...
Active ETFs Gain Market Share, Grow in Number
Active municipal bond ETFs are eclipsing passive offerings, with 110 active funds versus 56 passive as of 2025. Since 2020, more active ETFs have launched each year, and 2023 saw 23 new active products compared with nine passive. Although passive...
Reconciliation 2.0 a Real Possibility
Congress is juggling a packed agenda that now features a second reconciliation bill aimed at allocating roughly $140 billion to the Department of Homeland Security’s Border Patrol and ICE operations. Lawmakers are exploiting the 2015 repeal of the Conrad Rule to...
FOMC Preview: What Comes After Powell and What Should Investors Do?
The Federal Open Market Committee is expected to leave the fed‑funds target unchanged at 3.50%‑3.75% during its Tuesday‑Wednesday meeting, which will likely be the last chaired by Jerome Powell. Analysts focus on the upcoming transition to nominee Kevin Warsh, whose...