Phoenix is returning to the municipal market this week after a 12-year hiatus with a new money general obligation bond issue. This significant move marks the city’s first GO bond election since 2006. The issuance intends to support various public projects, including public safety, street maintenance, libraries, and parks, among others. The city’s Chief Financial
Bonds
The recent rejection by the North Carolina Local Government Commission of Cabarrus County’s request for bonds totaling $228 million has raised several concerns and highlighted the challenges faced by the county in securing financial approvals. Despite the panel’s staff recommending approval, some members on the board expressed reservations about the proposed bonds and suggested that
The recent battering of parts of Texas by Hurricane Beryl has not deterred the upcoming bond pricing for Galveston Wharves. Despite the operational interruption caused by the storm, the port announced that the $160 million revenue bond sale will proceed as planned. It is commendable to see how strong and resilient the port is, as
The Washington Metropolitan Area Transit Authority (WMATA) is preparing to issue $625.4 million in second lien dedicated revenue bonds, and there is optimism that the market will respond positively to this offering. The bonds are anticipated to attract interest from local buyers in D.C., Maryland, and Virginia due to the exemption of interest in these
As we assess the current state of the municipal bond market, it is evident that there is a certain level of firmness present. This can be attributed to the decline in U.S. Treasury yields, coupled with the mixed performance of equities. Despite these factors, the release of the Federal Open Market Committee meeting minutes highlighted
Despite a fall in U.S. Treasury yields and a rise in equities, municipal bonds remained steady on Tuesday. The limited number of deals in the market this week is attributed to issuers taking a break during holiday-shortened weeks. The secondary market activity is also expected to be light, creating a “muted” atmosphere for new issuances.
Municipal bonds experienced a slight weakening on Monday, although they outperformed U.S. Treasuries which faced more significant losses, particularly in the 10-year and beyond range. Equities, on the other hand, ended up performing well. Triple-A yields across various points on the curve saw an increase of one to five basis points, while UST yields went
The month and the first half of 2024 for municipals came to a quiet end ahead of the Fourth of July holiday-shortened week. Despite a new-issue slate of only $240 million, there were significant movements in the market. Munis outperformed U.S. Treasuries on Friday, holding steady while govies saw some losses. Equities were also in
The municipal bonds market saw minimal changes on Thursday as the last of the largest deals priced. Although U.S. Treasury yields decreased and equities showed an upward trend towards the close of the day, municipal bond mutual funds experienced outflows. These outflows amounted to a significant $498 million, following an inflow of $16 million in
The Metropolitan Pier and Exposition Authority in Chicago is planning to sell up to $231 million of refunding bonds for the McCormick Place Expansion Project. The authority aims to use these funds to explore upgrades to the Lakeside Center building and renovate the guest rooms at the Hyatt Regency McCormick. Despite challenges posed by the