California is preparing to sell $2.5 billion in tax-exempt general obligation bonds in the near future. This will mark the state’s second largest offering of the year. The proceeds from this sale will be allocated towards funding voter-approved projects, paying off existing commercial paper, and refunding outstanding general obligation bonds. Fitch Ratings has assigned a
Bonds
The North Texas Tollway Authority (NTTA) is embarking on a $1.126 billion deal aimed at achieving savings through bond refundings and tenders. The tax-exempt debt is being offered in two series, with $446.14 million allocated for first tier revenue bonds to finance a tender offer for taxable bonds sold between 2020 and 2021 and to
As the largest deals of the week priced and with over $1 billion of inflows into municipal bond mutual funds, the municipal market remained mostly steady. Despite the little change in muni yields on Wednesday, there has been a consistent decline in yields since the start of the summer. Tom Kozlik, managing director at HilltopSecurities,
The municipal market has experienced a mixture of markets, where U.S. Treasury yields have increased while equities have seen a slight rise. The article provides an in-depth analysis of the current state of the municipal market, focusing on various aspects such as issuance, pricing, and future trends. The article highlights the muni-to-Treasury ratios at different
Tower Health, a nonprofit regional healthcare system based in Pennsylvania, has been facing significant financial challenges in recent years. The organization has announced plans to exchange outstanding debt and issue new bonds in an effort to facilitate its turnaround and avoid a potential bankruptcy scenario. Tower Health intends to issue $1.335 billion of revenue bonds
The summer of 2024 has proven to be more resilient for municipal bonds compared to the same period in 2023. According to AllianceBernstein strategists, the total returns for June through August last year were negative 0.04%, with August erasing the gains made in June and July as U.S. Treasury yields surged, causing muni yields to
With a $12 billion new-issue calendar at hand, investors are closely evaluating their options, particularly as $2 billion of the available debt stems from the city of New York. This $1.8 billion deal, which is the largest offering of the week, follows the city’s $1.2 billion refunding issuance in July. The first series consists of
The municipal bond market saw a decline in yields on Tuesday as the primary market activity picked up. This drop in yields occurred amidst an overall improvement in the U.S. Treasury market, as stocks surged following softer-than-expected inflation data. While Triple-A municipal curves experienced increases of two to four basis points, the most significant improvements
The first half of 2024 witnessed a significant surge in underwriting spreads for all types of bonds. The data reveals that underwriting spreads soared to $7.11 in the first half of 2024, marking the first time in 25 years that spreads have exceeded this threshold. This represents a substantial increase from the $3.70 recorded in
The recent selloff in the U.S. Treasury market has had a significant impact on the municipal bond market. Although municipals felt the pressure of this selloff, they managed to outperform their taxable counterparts. The rise in triple-A yields by two to four basis points, depending on the yield curve, is a cause for concern. On