Mayo Clinic to Issue $750 Million of Bonds
Mayo Clinic announced a $750 million bond issuance slated for early to mid‑April, comprising a blend of 30‑year notes and intermediate‑term debt ranging from seven to 15 years. The proceeds will finance the nonprofit’s expansive "Bold. Forward. Unbound." capital program, which includes five new digitally‑enabled structures at the Rochester campus and a nearly $2 billion, 1.2 million‑square‑foot expansion in Phoenix. The financing is part of a broader $5 billion construction pipeline slated to run through 2030. BofA Securities leads the deal with Barclays Capital and JPMorgan Securities as co‑managers, and the bonds carry Aa2 (Moody’s) and AA (S&P) stable ratings.
Bond Supply, Issuance on the Upswing in 2026
The Bond Buyer’s 2026 Predictions report forecasts municipal bond issuance to surpass $500 billion, with many respondents arguing $750 billion or more is required to fund looming infrastructure needs. Overall supply, tax‑exempt and revenue bonds are all expected to grow, driven by...
MTA Capital Cost Savings May Be Example for Other Agencies
The New York Metropolitan Transportation Authority’s Construction & Development department reported a fresh $1.2 billion in cost savings for 2025, adding to the $3 billion saved between 2020‑2024. The agency’s $68 billion 2025‑2029 capital plan includes accelerated projects such as the Park Avenue...
Jackson Hospital Bondholders Offered Less than 19% Recovery
Jackson Hospital & Clinic in Alabama has filed Chapter 11, offering bondholders an estimated 18.7% recovery on par, or 22.9% for the broader secured class. The $87.5 million secured claim pool will be paid via a $2.5 million cash injection, $7.5 million senior unsecured...
Brightline Florida Hit with Another S&P Downgrade
Brightline Trains Florida LLC saw S&P Global Ratings downgrade its $2.2 billion Opco debt and $1.19 billion East bonds to CCC‑minus, deepening its junk‑status. The downgrade follows a series of rating cuts by KBRA and Fitch, all warning of a possible default...
SEC Reaches Partial Settlement with Consultant of Failed Bond-Financed Arizona Sports Park
The SEC reached a partial settlement with Jeffrey Puzzullo, the construction consultant who helped fabricate financial projections for the $284 million Legacy Cares municipal bond offering in Arizona. Puzzullo pleaded guilty to conspiracy, securities fraud, wire fraud and aggravated identity theft,...
California School Bonds Retain Resilience Despite Headwinds
California school‑district municipal bonds remain a solid risk‑adjusted investment despite mounting headwinds such as declining enrollment and exposure to child‑sex‑abuse lawsuits. Strong state backing via Proposition 98 and first‑lien tax claims underpin the sector’s credit quality, with most districts holding A‑rating...
States Struggle to Get a Grip on Growth of Prediction Markets
Prediction‑market trading is booming, with 2025 activity surpassing $44 billion and state officials racing to regulate the sector. The CFTC, under Michael Selig, argues federal jurisdiction, while dozens of states file lawsuits claiming gambling violations. Florida’s bond finance chief Ben Watkins...
California Trial Set in Rate-Rigging VRDO Case Against Banks
A California judge set a June 8 trial for a False Claims Act case accusing major Wall Street banks of conspiring to rig interest rates on variable‑rate demand bonds (VRDOs). The lawsuit, filed by municipal advisor Johan Rosenberg on behalf of...
MSRB Reform Bill Would Reverse Dodd-Frank Majority Public Mandate
Senator John Kennedy introduced the Municipal Securities Rulemaking Board Reform Act of 2026, aiming to shift the MSRB’s governance to a majority of regulated representatives and tighten SEC oversight. The proposal would replace the current Dodd‑Frank‑mandated public‑representative majority with a...
Florida International University Upgraded to AA by Fitch
Fitch Ratings upgraded Florida International University's issuer default rating to AA, up from AA‑minus, and raised its parking‑revenue bonds to AA‑minus from A‑plus. The agency affirmed the dormitory‑revenue refunding bonds at A‑plus, while maintaining stable outlooks across all ratings. FIU’s...
Houston Deal Is Part of a Texas Convention Center Bond Rush
Houston is issuing $1.425 billion of revenue bonds to fund the $1.14 billion phase‑one expansion of the George R. Brown Convention Center, which adds a 700,000‑square‑foot south exposition building, a massive ballroom and a pedestrian plaza. The offering combines $200 million of Series A tax‑exempt bonds,...
Munis Outperform UST Selloff Amid U.S.-Iran War
Municipal bonds outperformed a broad U.S. Treasury sell‑off on Monday as geopolitical tension over the U.S.–Iran conflict heightened oil prices above $70 a barrel. The two‑year muni‑UST ratio sat near 58‑61%, while Treasury yields rose 7‑11 basis points across the...
Geopolitical Shock From Operation Epic Fury Tests Muni Market Resilience
Operation Epic Fury, the U.S.-Israeli campaign against Iran, is driving heightened volatility across global markets. Oil and natural‑gas prices have surged, prompting a risk‑off shift in equities and signaling inflation concerns in bond yields. Municipal bond investors face uncertain supply‑demand...
NFMA's New Chair Highlights Initiatives Including Membership Survey, White Papers
Angela Kukoda, the 2026 chair of the National Federation of Municipal Analysts (NFMA), announced a slate of initiatives aimed at modernizing the organization and deepening member value. NFMA will launch a comprehensive membership survey, release two white papers on collateral...
Vermont Bond Bank Brings Modernized Indenture to Market
The Vermont Bond Bank has overhauled its general‑obligation bond indenture for the first time in nearly four decades, moving from a reserve‑based to a cash‑flow model. The new structure creates three lien tiers—Legacy, Community Revenue and Enhanced Community Revenue—backed by...
Brightline West Cites Construction Progress, Still No Federal Loan
Brightline West, the privately‑owned high‑speed rail venture linking Southern California to Las Vegas, still awaits a $6 billion federal Railroad Rehabilitation and Improvement Financing (RRIF) loan. The company is simultaneously pursuing a $4 billion senior loan from a banking consortium while construction...
Tribes Cheer House Bill
The Tribal Tax and Investment Reform Act of 2026 aims to eliminate a tax‑code provision that blocks tribes from issuing private‑activity bonds for non‑essential projects. By granting tribes the same bond‑issuing powers as states, the bill opens a vast municipal...
Guam GOs Upgraded to BB by S&P
S&P Global Ratings upgraded Guam's general‑obligation rating to BB from BB‑minus, also raising its business‑privilege‑tax and Section 30 bonds to BB‑plus and its certificates of participation to BB‑minus, all with a positive outlook. The upgrade reflects stronger operating performance, rising revenues,...
Austin OKs $1.4 Billion of Bonds for Airport Expansion
City Council approved up to $1.4 billion in revenue bonds to fund Austin‑Bergstrom International Airport’s expansion. The bond issuance includes a $1.05 billion Series B tranche subject to the alternative minimum tax and a $350 million non‑AMT Series A tranche, targeting roughly 75% of a...
Puerto Rico Port Concessionaire Bond Outlook Lowered by S&P
S&P Global Ratings lowered the outlook on San Juan Cruise Port LLC's senior debt to negative, keeping the BBB‑minus rating but flagging heightened risk. The downgrade affects about $160.3 million of bonds issued by AFICA, which are not guaranteed by the...
Muni Industry's Adoption of AI Prompts Regulatory, Other Questions
The University of Chicago’s Center for Municipal Finance released new data showing AI tools are rapidly entering the municipal bond market, giving well‑capitalized banks, advisors and law firms a distinct edge. Regulators, led by the MSRB, are scrutinizing whether AI...
Fitch's Draft Climate Screening Tool Gets a Cautious Nod From MMA
Fitch Ratings released an exposure draft for a climate‑vulnerability screening tool (climate.VS) aimed at U.S. public finance issuers. The 0‑100 score, derived from physical and transition risk analyses, flags issuers scoring 50 or above for deeper credit evaluation. Municipal Market...
KBRA and Fitch Downgrade Chicago
Chicago’s general‑obligation bonds were downgraded by both KBRA and Fitch to BBB‑plus from A‑minus, with a negative outlook maintained. The agencies cited a shrinking fund balance, tightening liquidity, rising pension costs and consecutive operating deficits. The downgrade precedes the city’s...
Columbus Planning $500M Affordable Housing Bond
Columbus Mayor Andrew Ginther unveiled a $500 million affordable‑housing bond framework dividing funds into four buckets: $150 million for new construction and preservation, $125 million for transitional shelters, homeowner upgrades and supportive housing, $175 million for land acquisition linked to transit‑oriented and mixed‑use development,...
Oppenheimer Hires Former Stern Brothers Managing Director Vien Le
Oppenheimer has added former Stern Brothers managing director Vien Le to its public finance investment‑banking group in Los Angeles. Le brings more than two decades of municipal finance experience, having advised the Los Angeles Department of Water and Power, the state...
BAM Hires Philip Moos to Join Its Muni Capital Markets Team
BAM Mutual announced the hiring of Philip Moos, a 30‑year municipal sales veteran from Wells Fargo, to bolster its municipal capital markets team. Moos will report to Bryan Baebler and focus on expanding BAM’s secondary‑market insurance business with institutional investors. The insurer currently...
Oklahoma Supreme Court to Rule on Utilities' Winter Storm Bonds
The Oklahoma Supreme Court is set to rule on $1.45 billion of winter‑storm bonds issued by Oklahoma Gas & Electric and Public Service Company of Oklahoma. Republican lawmakers allege the Oklahoma Corporation Commission violated state audit and ethics rules when authorizing...
COFINA Bondholder Case Against Insurers Is Set Back
A federal judge in Connecticut dismissed a lawsuit filed by former COFINA bondholders against insurers Ambac, MBIA and related subsidiaries, citing a lack of personal jurisdiction. The ruling allows plaintiffs to refile a second‑amended complaint against MBIA Inc. by March 6,...
The Bond Buyer Survey Shows Respondents' Concern About Politics
The Bond Buyer’s 2026 Predictions Survey, conducted with 74 public‑finance professionals, identified political uncertainty as the top five‑year threat to municipal finance, with 82% of respondents flagging it. Nearly half see tariff‑related volatility as a moderate to significant risk for...
Eric Avila Joins Siebert Williams Shank
Veteran public‑finance banker Eric Avila has joined Siebert Williams Shank & Co. as managing director and head of the Midwest region, bringing senior experience from Janney Montgomery Scott, Morgan Stanley, Samuel Ramirez & Co., and U.S. Bank. Siebert highlighted the hire as a catalyst to capitalize on...
J.P. Morgan Securities Fined $140,000 by FINRA
J.P. Morgan Securities LLC agreed to pay a $140,000 fine after FINRA found the firm violated MSRB Rule G‑32 and Rule G‑27. The violations involved inaccurate or incomplete Form G‑32 filings for 718 municipal bond offerings and late submission of 26 offering documents...
Louisiana Commission Approves $400M GOs
Louisiana’s State Bond Commission authorized up to $400 million in general‑obligation bonds, to be sold by competitive bid on April 16. The issuance will raise about $383.7 million, with roughly 67 % earmarked for state‑government capital projects, 26 % for local governments and the remainder...
High-Yield Deals Are Testing the Market and Finding Demand
The high‑yield municipal bond market is heating up early in 2024, with $2.3 billion of speculative‑grade issuance recorded YTD, representing roughly 3.4% of total municipal issuance. Strong investor appetite and a tight primary‑market supply have driven several previously shelved deals back...
Munis Steady, Inflows Top $1B Once More
Municipal bond markets remained steady Thursday as U.S. Treasuries barely moved and equities slipped. Year‑to‑date muni returns have risen 1.82% with only two days of negative performance, while fund inflows topped $1 billion for six of the last seven weeks. Despite...
Booming Florida Region Using Bonds to Upgrade Airport
Lee County Port Authority is issuing $681.3 million of revenue bonds to fund Concourse E at Southwest Florida International Airport, a $1.07 billion project slated for completion in fall 2027 that will add 14 gates and raise total gates to 42. The bonds are...
Well-Regarded Public Finance Banker, Don Backstrom, Dead at 84
Don Backstrom, co‑founder of the municipal advisory firm Backstrom McCarley Berry & Co., died at 84 from cancer. He launched the Los Angeles‑based firm on his 61st birthday in 2002 and served as managing director through July 2025, then part‑time until his death. Backstrom’s career spanned...
Northeast Issuers Juggle Crumbling Infrastructure, Increasing Costs
Northeast public issuers are grappling with crumbling infrastructure, rising construction costs and a wave of federal funding cuts. Tariffs and buy‑American requirements are inflating bus purchases for NJ Transit, while the Gateway tunnel project remains stalled after a $205 million funding...
Corpus Christi to Tap Future Bond Proceeds for Water Project Costs
The Corpus Christi City Council approved a resolution to tap up to $410 million in future water revenue bonds, slated for issuance as late as 2027, to reimburse current cash outlays for critical water‑supply projects. The plan funds a $175 million containerized...
PFM Partners up with DebtBook
PFM announced a partnership with DebtBook to embed artificial‑intelligence capabilities into public‑sector treasury operations, leveraging PFM's Synario financial‑modeling platform alongside DebtBook's debt‑management suite. The alliance aims to automate cash‑flow, leasing and investment tracking, freeing municipal finance teams to focus on...
Underwriting Spreads Rise in 2025
Underwriting spreads for municipal bonds rose again in 2025, reaching an average of $4.30 per $1,000, up from $4.23 in 2024. Negotiated‑deal spreads increased to $4.64 while competitive‑deal spreads fell to $1.78. The uptick coincides with record issuance volumes—$586 billion in...
Central Alabama Water Downgraded by S&P
S&P Global Ratings lowered Central Alabama Water’s revenue‑bond rating to AA‑minus from AA and placed the issue on CreditWatch Negative. The downgrade reflects weakening liquidity, high debt levels and aging infrastructure, compounded by delayed budget adoption after a state‑mandated governance...
Bond Yields Fall After CPI Report Shows Tamer Inflation
U.S. Treasury yields fell after the January CPI came in cooler than expected, pulling municipal bond yields lower as well. Despite the softer inflation print, analysts say the Federal Reserve will likely keep rates on hold and consider only a...
California Sees Healthy Demand for Water System Revenue Bonds
California’s Department of Water Resources issued a $546 million Central Valley Project water‑revenue bond under a new 2026 resolution, reporting a 4.14 % all‑in true interest cost. The 5 % coupon bonds carry yields from 1.70 % to 4.27 % and mature between 2027 and...
Austin Bond-Related Cases Seek Texas High Court Rulings
Austin’s $1.6 billion convention‑center replacement, financed mainly through revenue bonds, has entered a legal showdown at the Texas Supreme Court. Petitioners seeking to halt demolition argue the city clerk’s signature count fell short, while the city maintains the count was accurate....
After 25 Years, California Should Rethink Citizen Bond Oversight Committees
California’s Proposition 39 created citizen bond oversight committees (CBOCs) to add accountability to school‑facility bonds, but two‑decades of experience show they have not uncovered fraud. Annual audits remain compliance‑focused, while most fraud cases surface through law‑enforcement or targeted state investigations. The...
SMAs, ETFs Continue to Be Popular with Retail Buyers: Conference Panel
Retail investors are increasingly gravitating toward separately managed accounts (SMAs) and exchange‑traded funds (ETFs) as flexible, tax‑efficient ways to access municipal bonds. Muni SMAs now manage roughly $1.3 trillion across about 180 managers, while ETF holdings in the sector jumped 22.4%...
Munis Mixed, UST Yields Rise Post-Jobs Report
Municipal bond prices were mixed on Wednesday as U.S. Treasury yields climbed following a stronger‑than‑expected jobs report, prompting market participants to reassess the timing of the Federal Reserve’s next rate cut. The two‑year muni‑UST spread slipped to 59% while longer‑dated...
American Dream Bonds Tumble
Municipal bonds financing New Jersey's American Dream megamall slumped nearly 18% after bondholders sued over a contested property assessment. The 7% PILOT bonds due 2050 traded at 78 cents, the lowest price since issuance in 2017, while similar 6.75% bonds...