Municipal bond issuance in the Far West region in 2024 reflected a national boom, rising 30.8% year-over-year to $98.96 billion, according to LSEG data, spurred by infrastructure spending and fear over potential changes post-election.

“There was a theme for the majority of the year of people pushing out debt before the election,” said Raul Amezcua, a senior director at Ramirez & Co.

“There was no question we got a bump in the later part of Q3 and early part of Q4 because of uncertainty around the election,” said Justin Cooper, leader of Orrick, Herrington & Sutcliffe’s finance sector and co-head of its public finance practice. “Capital markets like predictability.”

The trend in the Far West follows the nation, which saw record issuance of $507.6 billion in 2024, surpassing the previous record of $484.6 billion set in 2020. National muni primary volume was up 31.8% from $385.061 billion in 2023, according to LSEG data.

The Far West demonstrated strong sales each quarter, but third quarter volume soared, topping the prior year by 45.6% to notch $27.6 billion in sales.

“It wasn’t even a question of who would win [the presidential election], but more, no matter who wins, ‘What if we are in litigation for months and months, because of challenges to the election results?’ or ‘What if there are riots in the streets?'” Amezcua said.

“We were tracking that for months in advance,” Amezcua said. “It was a concern for many people in the market, and certainly the market accelerated deals to get in front of the election.”

California led the region, with its issuers generating $71.6 billion in sales trailed by Washington at $13.7 billion.

The California state government sold $13.3 billion in new money long-term debt (both general obligation and revenue bonds) in 2024 compared to $9.7 billion in 2023, according to data provided to The Bond Buyer by the state treasurer’s office. The state refunded $7.35 billion in 2024, compared to $7.16 billion in 2024, according to the STO.

Bond issuance for California could also continue to trend up in 2025, “driven by large bond authorizations approved by voters in November 2024: $10 billion for construction and modernization of public education facilities and $10 billion for various water, energy, and environmental projects,” wrote Roman Schuster, a research analyst for Lord & Abbett’s municipal bond research team, in a report on the state’s credit fundamentals. “This increased bond issuance at the state level could also result in more school district and water utility debt issuance as those downstream entities accelerate their capital plans to take advantage of cheap state loans and/or grants.”

The Far West’s biggest deal in 2024 was $2.9 billion in Los Angeles Unified School District general obligation bonds priced by BofA Securities, Jefferies and RBC Capital markets fin April.

After that came $2.6 billion in State of California GOs priced by JP Morgan and Wells Fargo in March and $1.55 billion in Washington refunding GOs priced by BofA Securities in October.

Issuance boomed throughout Washington state, with a 45.8% increase over 2023’s volume. Idaho was also notable with a 64.3% increase in sales volume to $2.1 billion to secure the slot as the region’s fifth-largest issuer, trailing California, Washington, Oregon’s $4.2 billion and Nevada’s $3.9 billion.

Alaska saw the biggest percentage gain, with volume more than tripling to $1.2 billion.

In the entire region new money volume increased 9% to $57.8 billion, while refundings nearly doubled to $25.3 billion from $13.9 billion and deals LSEG classified as combined new money/refunding increased to $15.8 billion from $8.7 billion.

In addition to the election’s effect on sales volume, acceptance that the days of super-low interest rates are over also played a role in driving bond sales, Cooper said.

“From second quarter 2022 to sometime last year, there was some sticker shock on interest rates and people finally got over that and resigned themselves to the fact the era of free money had ended and they were now in an era where they would have to pay for their money,” Cooper said.

The slowdown on deferred maintenance and construction projects during that time frame was partly related to the sticker shock on interest rates, Cooper said.

“Capital needs and deferred maintenance back logs didn’t abate when bond issuance fell off,” he said.

“When you look at volume in 2024 and expectations for 2025 it’s largely driven by infrastructure,” Amezcua said. “There is a lot of pent up demand for infrastructure and people are moving forward with capital improvement programs. I am working on some large deals that are largely all new money.”

Capital improvement projects took a backseat after COVID-19 hit in 2020, and then came the spike in inflation and increased construction costs, which resulted in a slowdown in debt issuance for capital programs, Amezcua said.

Fast forward to 2024, and issuers started pushing out capital improvement plan debt, he said.

Hot sectors for issuance, Cooper said, have been housing, healthcare, land-secured finance and land-secured development deals.

“The need exists for transportation, but the transit systems have not recovered from the pandemic to the extent they can afford to issue debt,” he said. “They need money, but they are not in a great position to borrow.”

Deals LSEG classified as education were the region’s biggest sector with $25.6 billion sold in 2024, compared to $19.7 billion a year earlier. Electric power bonds totaled $15 billion in 2024 compared to $10 billion in 2023 and transportation issuance hit $12.2 billion compared to $7.2 billion in 2023, according to LSEG.

Healthcare sector volume in the Far West almost tripled to $5.97 billion.

While the spend down of pandemic-era federal funding propelled issuance in 2024, Amezcua said, Ramirez is expecting it to be more of a driver of bond volume in 2025.

Other drivers, specific to the region, Amezcua said, included the jump in refundings.

The boost in refundings is likely related to premium bonds issued in 2015, because debt gets refunded when it hits the 10-year call, Cooper said.

“I don’t entirely know, but I suspect it may be related to that,” Cooper said. “If those bonds issued ten years ago had been sold as par bonds, they wouldn’t be as attractive to refund as a premium bond.”

BofA Securities secured the Far West’s top underwriting ranking, credited by LSEG with $19.4 billion in 93 issues, followed by Morgan Stanley with $10.5 billion in 48 issues and JP Morgan Securities with $9.7 billion in 60 issues.

PFM Financial Advisors topped the financial advisor rankings in the region, credited with $20.9 billion in 114 issues; Public Resources Advisory Group followed with $18.15 billion in 33 issues and KNN Public Finance had $9.7 billion in 71 issues.

Orrick, Herrington & Sutcliffe continued its long reign atop the Far West bond counsel tables, credited with $38.8 billion in 222 issues, followed by Stradling Yocca Carlson & Rauth with $11.5 billion in 158 issues and Hawkins Delafield & Wood with $8.8 billion in 57 issues.

The region’s top issuer was the California Community Choice Financing Authority, credited with $9 billion of par on 11 issues. In second was the California state government, with $8.4 billion on 16 deals.

The post Far West joined nation’s 2024 municipal bond sale boom appeared first on Daily Aha.

Calling it a “unicorn regulatory body,” the American Securities Association challenged the constitutionality of the Municipal Securities Rulemaking Board in a brief filed Thursday that asks a federal appeals court to scrap an order that shortened the timeframe for reporting trades to the MSRB. 

The MSRB “is a quasi-public, quasi-private regulatory entity that has no place in our Constitutional structure,” the ASA said in the Feb. 27 opening brief filed in the U.S. Court of Appeals for the Eleventh Circuit in its case against the Securities and Exchange Commission, which was filed on Nov. 15, 2024. 

In its brief, the ASA said the case raises “important constitutional questions” about the validity of an SEC order that shortened the timeframe for reporting trades to the MSRB to one minute. Because the MSRB is unconstitutionally structured, the order must be set aside, the ASA said.

“This unicorn regulatory body—one that has no comparison anywhere in our federal system—runs afoul of the Constitution in several ways,” according to the brief, which said the MSRB is “unconstitutionally structured for three reasons.” 

First, because the MSRB “is a nominally private corporation that exercises legislative and executive powers without adequate governmental supervision,” it violates the private nondelegation doctrine, the brief said. 

The MSRB also violates Article II “because it is exercising significant executive power, and the President does not have adequate control over MSRB Directors,” the brief said. In addition, the MSRB violates the appointments clause because its directors “are ‘Officers of the United States’ who were not properly appointed,” the ASA’s brief said. 

The MSRB is controlled by a 15-member board of directors who are appointed to those roles by other MSRB members, the brief said. 

“So MSRB Directors wield significant governmental power, but they are not nominated by the President and confirmed by the Senate, or even appointed by any Heads of Departments, as required by the Appointments Clause,” the ASA brief said, adding that “the MSRB is not subject to adequate control by the Executive branch through the removal power, since MSRB Directors can be removed by the SEC only for serious misconduct…”

The MSRB, which on its face looks like a “classic federal agency” was established by Congress in 1975 to regulate the trading of municipal securities, the brief said. However, the MSRB was established as a Virginia nonprofit corporation, not as a federal agency, the ASA said. 

The MSRB writes rules that govern every aspect of the municipal securities market, the brief said. 

“When the MSRB’s rules are violated, the MSRB actively participates in enforcing them through sanctions and penalties,” the brief said. “And the MSRB funds itself through tens of millions of dollars in fees and fines that regulated entities are required by statute to pay.” 

Officially, the MSRB has no enforcement power, and its rules are enforced by the Financial Industry Regulatory Authority and the SEC.

While the MSRB “wields classic governmental power, ASA argues, it lacks the ‘accountability checkpoints’ that ensure that its power is wielded by individuals who are answerable to the people,” the brief said. 

Aside from its constitutional problems, the SEC’s order is “riddled with errors,” the brief said. 

“The MSRB’s new rules impose massive costs on regulated entities, including smaller broker-dealers, without any evidence that the rules were needed or would provide any measurable benefit whatsoever,” the ASA’s brief said.  “Yet the SEC rubber-stamped the changes.” 

An MSRB spokesperson said Friday it does not comment on ongoing litigation.

The post ASA lawsuit challenges constitutionality of MSRB appeared first on Daily Aha.

Issuance in February remained strong despite only ticking up slightly year-over-year.

February’s volume was at $33.725 billion in 622 issues, up only 1.6% from $33.191 billion in 614 issues in 2024, according to LSEG data.

While issuance in February is essentially flat, supply remains strong in 2025, said David Litvack, a tax-exempt strategist at BofA.

Last year was a very strong year for issuance, as it broke records and topped $500 billion-plus, so even “that we’re ahead even by a small amount speaks to a robust issuance market,” he noted.

The slight tick up in supply in February, compared to the 10.8% rise in issuance in January year-over-year, could be a factor of timing, said Matt Fabian, a partner at Municipal Market Analytics.

There was the holiday-shortened week toward the end of the month, and the constant onslaught of news coming out of Washington, D.C., every few days was “chaotic and destabilizing,” he said.

There was also an overhang from the California wildfires, which proved to be a setback for the state’s government, in particular, Fabian said.

Supply this year, though, will remain robust, Litvack said.

Issuers “deferred” infrastructure needs from 2021 to 2023, he noted.

During that time, issuers were hesitant to issue more debt because they could fund their capital needs with pandemic aid and other internal funds, and they were concerned about the economy’s trajectory, according to Litvack.

However, with COVID-era money drying up and infrastructure needs having to be addressed, that will lead to issuers taking to the capital market, he said.

Interest rates are also coming down, Litvack noted.

“To the extent that rates are coming down, that could spark an increase in refunding activity in upcoming months,” he said.

The essentially flat figure year-over-year does not dissuade Fabian from believing issuance in 2025 will be at least $500 billion, as he initially predicted.

“Municipal issuance is always lumpy, and it’s hard for issuers to accelerate bond issues, according to risks in the market,” he said. “But we’re talking about a lot of issuance: half a trillion dollars of supply. One month of not surging issuance doesn’t interrupt overall expectations.”

If anything, the threat to the tax exemption is as high as ever, meaning the market may see an influx of issuance ahead of any full or partial elimination, according to Fabian.

February issuance details
Tax-exempt issuance in February was at $30.46 billion in 558 issues, nearly flat posting just a 0.3% decrease from $30.567 billion in 552 issues a year ago. Taxable issuance rose only 1.9% to $2.483 billion in 61 issues from $2.436 billion in 57 issues in 2024.

New-money issuance dipped 2.5% to $24.403 billion from $25.018 billion, while refundings fell 29.7% to $4.5 billion from $6.393 billion.

Revenue bond issuance increased 4.7% to $22.001 billion from $21.02 billion in February 2024, and general obligation bond sales fell 3.7% to $11.742 billion from $12.171 billion in 2024.

Negotiated deal volume was up 6.8% to $26.655 billion from $24.96 billion a year prior. Competitive sales increased 6.3% to $7.044 billion from $6.627 billion in 2024.

Bond insurance dropped 19.7% to $1.985 billion from $2.471 billion.

Bank-qualified issuance fell 2.2% to $575 million in 148 deals from $587.9 million in 143 deals a year prior.

In the states, the Lone Star State claimed the top spot year-to-date.

Issuers in Texas accounted for $9.254 billion, up 8.4% year-over-year. California was second with $9.247 billion, up 11.5%. New York was third with $5.709 billion, down 17.5%, followed by Florida in fourth with $5.088 billion, up 188.5%, and Ohio in fifth with $3.109 billion, a 512% increase from 2024.

Rounding out the top 10: Alabama with $2.951 billion, down 24.7%; Colorado with $2.637 billion, up 144.7%; Pennsylvania with $2.518 billion, up 44.9%; Massachusetts with $2.11 billion, down 52.4%; and Washington with $2.012 billion, up 6%.

The post February issuance ticks up 1.6% appeared first on Daily Aha.

A Florida mining project that defaulted on its municipal bonds was put into receivership.

The United States District Court for the Middle District of Florida appointed Lighthouse Management Group, Inc., to be the receiver for the project.

Mineral Development, LLC initiated the project for mining phosphate from land in Bartow, Florida, with $90 million in municipal bonds. The bondholders’ trustee, UMB Bank, N.A., petitioned the court on Feb. 10 for the receiver after Mineral Development had made numerous defaults on the bond payments.

No parties opposed the petition for receivership.

There is now between $85 million and $90 million in bond debt outstanding on the Series 2000 Polk County Industrial Development Authority industrial development revenue bonds.

According to the court’s order, the receiver is to continue work until the property is sold to a third party or transferred to the bond trustee. The property is defined as Mineral Development’s property at the mining site, which Mineral Development has been leasing from Clear Springs DLC, and the agreements between Mineral Development and Clear Springs.

In her order U.S. District Judge Virginia Hernandez Covington gave wide powers to the receiver.

Lighthouse Management Group and Chris Berg, Mineral Development chief financial officer, didn’t immediately respond to a request for a comment. UMB declined to comment.

The post Defaulted Florida mine project put into receivership appeared first on Daily Aha.

Leveraging local politics on the Republican side of the aisle may hold the key to convincing lawmakers who are on the fence about retaining the tax exemption of municipal bonds in the face of paying for new tax cut requests from the Trump administration.  

“It is totally counter-intuitive that a Republican district would be thinking about eliminating a tool that finances the very infrastructure and economic development and affordable housing in their district,” said Toby Rittner, president and CEO of the Council of Development Finance Agencies. 

“But this is a math game. The president wants certain things, and they have to find a way to pay for it.” 

Rep. Rudy Yakym R-Ind. who represents the state’s second district and sits on the House Ways and Means Committee, has a front row seat in the tax policy debates that will decide the fate of key Tax Cuts and Jobs Act provisions that expire at the end of this year.  

His position also puts him high on the list for lobbying efforts. 

“We’ve been in contact with his deputy chief of staff,” said Jarron Brady, policy analyst of the Government Finance Officers Association Federal Liaison Center. 

 ”We’ve been talking about doing a hill briefing, in middle or late March because the committees have been instructed to come up with their proposals by the end of March. We should see some leaks in the media, probably around that time about what’s been included.” 

Yakym scored a Public Service Award from the American Public Power Association earlier this week, cementing his status as a friend of public finance.  

“Representative Yakym understands that tax-exempt municipal financing is a critical engine for creating jobs and upgrading our nation’s infrastructure,” said APPA president and CEO Scott Corwin. 

“His leadership of the Municipal Finance Caucus and work on the House Ways & Means Committee has been, and will continue to be, vital to protecting public power’s access to the financing tools that keep our communities reliably and affordably powered.” 

The APPA represents not-for-profit, community-owned utilities that power 2,000 towns and cities nationwide.  Public power utilities use tax-exempt municipal bonds to finance power generation, distribution, reliability, demand control, efficiency, and emissions control.

In mid-February Yakym teamed up with Reps. David Kustoff, R-Tenn., Gwen Moore, D-Wis., and Jimmy Panetta, D-Calif., to reintroduce legislation that would restore the advance refunding of tax exempt municipal bonds by way of the Investing in Our Communities Act. 

Advance refunding was knocked out by the TCJA during the first Trump administration.

Members of the Public Finance Network are teaming up to bring the value of munis home to the lawmakers by leaning on research conducted by the University of Chicago that breaks down the impact of municipal bonds per Congressional district. 

According to their numbers, Indiana’s second district, “invested at least $4.1 billion in projects financed by active tax-exempt municipal bonds,” and “district taxpayers saved at least an estimated $86.07 million on sub-state projects financed with tax-exempt municipal bonds since 2002.” 

The post Key Republican lawmakers emerge as possible champions in tax-exempt fight appeared first on Daily Aha.

Municipals were quiet Friday ahead of an $11 billion new-issue calendar as U.S. Treasury yields fell and equities ended up.

The bond market’s attention has shifted from inflation and tariffs to economic growth issues, said BofA Global Research’s Yingchen Li and Ian Rogow.

“Weak January retail sales and a weak preliminary February service PMI report are the two pieces of data that triggered the shift of the market psyche,” they noted. “The bond market has clearly welcomed this change of heart.”

Ten-year Treasury yields are 60 basis points off the January peak of 4.80%, and futures are pricing in two 25 basis point Fed rate cuts again, Li and Rogow noted.

“The muni market rallied somewhat less,” they said, with the 10-year MMD AAA yield falling 38 basis points and the 30-year MMD AAA yield down 18 basis points from their mid-January peaks as of Friday.

It’s unclear, they said, if concerns about growth will remain the focus.

“For munis, March is typically a transitory month,” they added. “While we expect the market to work well during the first two weeks of the month, by late March, the market usually begins to trade on tax seasonality. This year, our estimated issuance in March exceeds redemptions and coupon payments. It appears to us that the recently cheapened muni ratios may last for the next couple of months.”

The two-year municipal to UST ratio Friday was at 64%, the five-year at 65%, the 10-year at 68% and the 30-year at 87%, according to Municipal Market Data’s 3 p.m. EST read. ICE Data Services had the two-year at 62%, the five-year at 64%, the 10-year at 67% and the 30-year at 84% at 4 p.m.

Friday’s data saw the Federal Reserve’s preferred inflation gauge show core inflation on an annualized basis fell to a 2.6% gain, the smallest in about four years.

“The weak January spending figures likely mask continued decent underlying growth in personal consumption, though recent sour consumer sentiment surveys suggest concern about tariff-led inflation is starting to weigh,” said BMO Senior Economist Sal Guatieri. “The chilly start to the year for consumers and potential trade war suggest downside risks for Q1 growth estimates.”

After the PCE report, Payden & Rygel Chief Economist Jeffrey Cleveland said, “decent growth, slightly higher unemployment, and moderating inflation, suggests the Fed will resume cutting, perhaps sometime around mid-year, and probably cut more than the market expects over the next 12 months (three to four times).”

New-issue calendar
Issuance for next week rises to an estimated $11.041 billion, with $8.994 billion of negotiated deals and $2.047 billion of competitive deals on tap.

New York City leads the negotiated calendar with $1.4 billion of GOs, followed by the Regents of the University of California with $1.2 billion of general revenue bonds.

The competitive calendar is led by the California Department of Water Resources with $336 million of revenue bonds.

AAA scales
MMD’s scale was unchanged: The one-year was at 2.54% and 2.54% in two years. The five-year was at 2.63%, the 10-year at 2.86% and the 30-year at 3.93% at 3 p.m.

The ICE AAA yield curve was bumped up to two basis points: 2.58% (-1) in 2026 and 2.54% (-1) in 2027. The five-year was at 2.62% (-1), the 10-year was at 2.85% (-2) and the 30-year was at 3.82% (-1) at 4 p.m.

The S&P Global Market Intelligence municipal curve was bumped a basis point: The one-year was at 2.59% (-1) in 2025 and 2.59% (-1) in 2026. The five-year was at 2.65% (-1), the 10-year was at 2.88% (-1) and the 30-year yield was at 3.84% (-1) at 4 p.m.

Bloomberg BVAL was unchanged: 2.48% in 2025 and 2.54% in 2026. The five-year at 2.62%, the 10-year at 2.86% and the 30-year at 3.86% at 4 p.m.

Treasuries were firmer.

The two-year UST was yielding 3.998% (-6), the three-year was at 3.982% (-5), the five-year at 4.027% (-5), the 10-year at 4.226% (-4), the 20-year at 4.547% (-2) and the 30-year at 4.511% (-2) near the close.

Primary to come
New York City (Aa2/AA/AA/AA+/) is set to price $1.407 billion of GOs on Wednesday, consisting of $500 million Series E bonds, serials 2026-2045, terms 2050 and 2055; and $906.82 million refunding Series F bonds, serials 2025-2043. Ramirez.

The Regents of the University of California (Aa2/AA/AA/) plans to price $1.208 billion general revenue bonds, consisting of $320.545 million of Series CB, serials 2029-2030, 2036-2040; and $887.005 million of Series CC, serials 2029-2045, terms 2052 and 2055. RBC Capital Markets.

The Kentucky State Property and Buildings Commission (Aa3/NR/AA-/NR/) plans to price Wednesday $829.83 million Project No. 132 revenue bonds, consisting of $700 million of Series 2025A bonds, serials 2026-2045; and $129.83 million of Series 2025B refunding bonds, serials 2027-2036. BofA Securities.

The Massachusetts Development Finance Agency plans to price $500 million of Series 2025A revenue bonds for Harvard University. Goldman Sachs.

Stanford University (Aaa/AAA/AAA/NR/) plans to price Wednesday $327 million of Series 2025 A taxable bonds. Morgan Stanley.

The Pennsylvania Housing Finance Agency (Aa1/AA+//) plans to price Wednesday $326.81 million single-family mortgage revenue bonds, consisting of $262.94 million Series 148A non-AMT social bonds, serials 2026-2037, terms 2040, 2045, 2050 and 2055; and $63.87 million of Series 148B taxable bonds, serials 2026-2037, terms 2040, 2045, 2050, 2054 and 2055. Wells Fargo.

The California Educational Facilities Authority (Aaa/AAA//) is set to price $319 million of Series V-4 revenue bonds for Stanford University. Goldman Sachs.

El Paso, Texas, (NR/AA/AA+/NR/) plans to price Tuesday $299.07 million of water and sewer revenue refunding bonds, serials 2026-2045, term 2050. Morgan Stanley.

The Orange County Local Transportation Authority, California, (NR/AAA/AA+/NR/) plans to price Wednesday $232.98 million of Measure M2 sales tax revenue refunding bonds, serials 2026-2041. BofA Securities.

The New Hope Cultural Education Facilities Finance Corp. plans to price Wednesday $231.585 million of non-rated retirement facility revenue refunding bonds (Bella Vida Forefront Living project). Ziegler.

The New York State Housing Finance Agency (Aaa///) plans to price $231 million 160 West 62nd Street housing revenue bonds, consisting of $155 million of Series A1 and $76 million of Series A2. Wells Fargo.

The Houston Independent School District (Aaa/AAA//) plans to price Thursday $186.155 million of PSF-insured limited tax refunding bonds, Series 2025B, serial 2026. RBC Capital Markets.

Forest Hills Public Schools, Michigan, (Aa2///) plans to price Tuesday $173.35 million of 2025 school building and site bonds, Series I, serials 2026-2045. Stifel.

The Virginia Housing Development Authority (Aa1/AA+//) plans to price Tuesday $172.52 million of non-AMT rental housing bonds, Series 2025A, serials 2027-2037, terms 2040, 2045, 2050, 2055, 2060, 2068. Raymond James.

The School Board of Manatee County, Florida, (/A+/A+/) plans to price Tuesday $139.255 million Florida master lease program certificates of participation, Series 2025A, serials 2026-2045. BofA Securities.

The Nevada Housing Corp. (NR/AA+/NR/NR/) plans to price Wednesday $138 million of senior single-family mortgage revenue bonds, consisting of $30 million of non-AMT Series 2025A bonds and $108 million of taxable Series 2025B. J.P. Morgan.

The Arizona Industrial Development Authority plans to price Tuesday $134.96 million of senior living revenue bonds, consisting of $199.11 million of Series A, $3.35 million of Series B and $12.5 million of Series C. H.J. Sims.

The Racine Unified School District, Wisconsin, (Aa3///) plans to price Tuesday $130.82 million GO promissory notes, serials 2026-2030, 2032-2045. Baird.

The Board of Trustees for Mesa University, Colorado, (Aa2/NR/NR/NR/) plans to price Tuesday $117.545 million of institutional enterprise revenue and refunding bonds, Series 2025A, serials 2025-2045, terms 2050, 2055. Jefferies.

The Adams County School District 14, Colorado, (Aa2/AA//) plans to price Tuesday $113.9 million GOs, serials 2025, 2032-2044. RBC Capital Markets.

Marion, Illinois, plans to price Tuesday $112.44 million of sales tax revenue bonds (STAR bonds District Project Area No. 1), terms 2045, 2055. Stifel.

The California Public Finance Authority plans to price $102.12 million senior living revenue bonds, consisting of $96.775 million of Series A, $2.345 million of Series B and $3 million of Series C. HJ Sims.

Competitive
The California Department of Water Resources (Aa1/AAA//) will take bids on $336 million of Central Valley Project Water System revenue bonds at 11:30 a.m., Eastern, Tuesday.

Wisconsin will bring $253.905 million of GOs, Series A, on Wednesday at 10:45 a.m.

Mobile, Alabama, (Aa2/AA//) will bring $226.485 million GO warrants, Series 2025A, on Wednesday at 10 a.m.

Cambridge, Massachusetts, (Aaa/AAA/AAA/) will bring $166 million of GO municipal purpose loan of 2025 on Wednesday at 11 a.m.

Clark County, Nevada, (Aa1/AAA//) will auction $126 million of limited tax GO flood control refunding bonds at 11:15 a.m. Tuesday.

Johnston County, North Carolina, (Aaa/AAA//) will auction $100 million general obligation bonds at 11 a.m. Tuesday.

Gary Siegel contributed to this report.

The post Munis little changed, calendar ramps up to $11B appeared first on Daily Aha.

Puerto Rico Electric Power Authority bondholders opposed to the Oversight Board’s proposed restructuring filed a motion to lift the bankruptcy’s litigation stay, which could lead to their appointing a receiver for PREPA.

“The Fifth Amendment and [Puerto Rico Oversight, Management and Economic Stability Act] do not permit secured creditors to remain handcuffed, without a hearing, while their collateral disappears,” the bondholders told U.S. District Court Judge Laura Taylor Swain.

In the aftermath of the First Circuit Court of Appeal’s decision in favor of the bondholders’ lien on net revenues this past year, continuation of the stay order is impermissible, they said. The court is required to lift the bankruptcy’s current stay on litigation given the bondholders lack of “adequate protection” on their lien rights, according to the bondholders.

The bondholders suggested they could petition a local Puerto Rico court to allow them to appoint a receiver for the authority who would be a “better steward of PREPA for the people of Puerto Rico,” if the stay were to be lifted, they told Swain.

The bondholders said a legal balance of harms consideration favors relief from the stay. The stay’s original rationales are no longer valid, they argued. The bankruptcy has dragged on for more than 7 1/2 years, which they said is unreasonable.

The bondholders said the court should dismiss the current bankruptcy altogether because the board has failed to propose and confirm a plan of adjustment.

The board has created a new fiscal plan with an unreasonable position that PREPA has no net revenues, the bondholders said. The plan says PREPA will have four times more expenses than the board’s last PREPA fiscal plan projected, they claim. The recently approved plan “diverts tens of billions of dollars of future net revenues that comprise the bondholders’ collateral to pay expenses that clearly do not constitute current expenses.”

The board has made resolution “effectively impossible by unilaterally ginning up a new fiscal plan that eliminates all debt capacity,” the bondholders said.

They also said they want the stay lifted to allow them to litigate their accounting counterclaim in an adversary proceeding, something the First Circuit explicitly ruled they could do. This would allow them to challenge the plan’s estimate of PREPA expenses, for example.

The board, through a spokesman, said it was reviewing the bondholders’ motion and would respond to it in court.

The board made clear last week that it is not planning to significantly change its offer to the bondholders in an opinion piece ran in the El Vocero website. Board Executive Director Robert Mujica Jr. said the board is willing to compromise but “a group of bondholders led by hedge funds continue[s] to demand more than the people of Puerto Rico can reasonably pay.”

Some investors bought PREPA’s debt after the bankruptcy filing in July 2017 when it was distressed. “Now, as the people of Puerto Rico suffer from the effects of a rapidly deteriorating power infrastructure and as PREPA needs resources to repair the energy system to the level that the people deserve and pay for, several of those investors insist that the people of Puerto Rico bail them out,” Mujica said.

In other PREPA bankruptcy news, Swain ruled the bondholders will be able to challenge the board’s and local government’s professional fees until 14 days after the court lifts the litigation stay.

The post PREPA bondholders file motion to lift litigation stay appeared first on Daily Aha.

Muni yields fell Tuesday, underperforming a U.S. Treasury rally. Equities ended mixed.

Muni yields fell three to eight basis points, while UST yields fell eight to 11 basis points.

The two-year municipal to UST ratio Tuesday was at 63%, the five-year at 64%, the 10-year at 67% and the 30-year at 86%, according to Municipal Market Data’s 3 p.m. EST read. ICE Data Services had the two-year at 61%, the five-year at 62%, the 10-year at 65% and the 30-year at 82% at 4 p.m.

“Another week of disruptive headlines from Washington sent bond yields lower [last week] on what may be just the start of flight-to-safety flows,” said Matt Fabian, a partner at Municipal Market Analytics.

Munis saw some “advantageous marketing as a haven but were driven to higher prices … less by an energized retail, more by a surge of institutional buying average trade size hit a [year-to-date] high,” he said.

“That bid may reflect recently better fund flows, especially by [exchange-traded funds] or a tactical move by some to jump ahead of otherwise modest March reinvestment demand,” he said.

On Monday, investors will receive $10 billion from March 1 principal payments, said Pat Luby, head of municipal strategy at CreditSights.

Texas will see the largest principal amount at $1.3 billion, followed by Missouri at $984 million and California at $828 million, he noted.

Redemptions for the entire month are expected to be $20 billion, he said.

Muni prices continue to “show relative resilience” despite a nearly record pace of issuance, according to Fabian.

Supply for the first nine weeks of the year is at $69 billion, just below the $71 billion in 2020, he said.

“This will be tested in the coming weeks if headline risks continue to rise because of the government funding question, the tax reform question, the debt limit question, the federal governments’ mass layoffs and accelerated shrinkage, and any number of pressing and emerging issues both legal and political,” Fabian said.

That “equities would begin an inconsistent retreat seems a reasonable scenario; same with rising bond yields as this week’s PCE data could validate last week’s poor consumer confidence number,” he said.

And labor readings may underperform, potentially deeply, Fabian said.

“On the other hand, all of the above could help propel fixed income demand, keeping spreads tight in the near term; a longer-term trade up in credit quality and structure is still warranted,” he said.

In the primary market Tuesday, BofA Securities priced for the South Carolina Public Service Authority (A3/A-/A-/) $1.025 billion of bonds. The first tranche, $542 million of tax-exempt improvement Series A bonds, saw 5s of 12/2033 at 3.25%, 5s of 2035 at 3.37%, 5s of 2040 at 3.70%, 5s of 2045 at 4.19%, 5.25s of 2050 at 4.33%, 5s of 2050 at 4.28% (Assured Guaranty-insured), 5s of 2055 at 4.44% and 5s of 2055 at 4.34% (Assured Guaranty-insured), callable 6/1/2035.

The second tranche, $424.985 million of tax-exempt refunding Series B bonds, 5s of 12/2025 at 2.82%, 5s of 2040 at 3.00%,5s of 2035 at 3.37%, 5s of 2039 at 3.63%, 5s of 2045 at 4.19% and 5s of 2048 at 4.31%, callable 6/1/2035.

The third tranche, $58 million of taxable improvement Series C bonds, saw all bonds price at par: 4.57s of 12/2026, 4.73s of 2029, and 5.03s of 2033.

Wells Fargo priced for the Bay Area Toll Authority $341.105 million of San Francisco Bay Area toll bridge revenue bonds. The first tranche, $296.035 million of 2025 Series F-1 (NR/AA/AA/), saw 5s of 4/2026 at 2.38%, 5s of 2030 at 2.38%, 5s of 2035 at 2.66%, 5s of 2040 at 3.12%, 5s of 2045 at 3.66%, 5s of 2048 at 3.80% and 5s of 2053 at 3.91%, callable 4/1/2035.

The second tranche, $45.07 million of 2025 Series SSL-1 (NR/AA-/AA-/), saw 5s of 4/2032 at 2.53% and 5s of 2034 at 2.66%, noncall.

BofA Securities priced for the Missouri Joint Municipal Electric Utility Commission (A2//A/) $200.99 million of Prairie State Project power project revenue refunding bonds, with 5s of 12/2025 at 2.72%, 5s of 2030 at 2.94%, 5s of 2034 at 3.25% and 5s of 2039 at 3.49%, callable 6/1/2035.

In the competitive market, the Fullerton Joint Union High School District, California, (Aa2/AA//) sold $120 million of Election of 2024 GOs, Series A, to BofA Securities, with 8s of 8/2026 at 2.25%, 5s of 2030 at 2.34%, 5s of 2035 at 2.63%, 5s of 2040 at 3.04%, 4s of 2045 at 3.80%, 4s of 2051 at par and 4s of 2054 at 4.04%, callable 8/1/2034.

Maury County, Tennessee, (Aa2///) sold $100 million of GOs to BofA Securities, with 5s of 4/2026 at 2.65%, 5s of 2030 at 2.75%, 4s of 2035 at 3.30%, 4s of 2040 at 3.70% and 4s of 2045 at 4.12%, callable 4/1/2032.

Washoe County School District, Nevada, (Aa2/AA//) sold $100 million of limited tax GO school improvement bonds to Truist, with 5s of 10/2026 at 2.65%, 5s of 2030 at 2.78%, 5s of 2035 at 3.09%, 5s of 2040 at 3.43%, 4s of 2045 at 4.07%, 4s of 2049 at 4.20% and 4s of 2054 at 4.25%, callable 4/1/2035.

AAA scales
MMD’s scale was bumped four to eight basis points: The one-year was at 2.56% (-4) and 2.58% (-4) in two years. The five-year was at 2.65% (-4), the 10-year at 2.88% (-8) and the 30-year at 3.92% (-5) at 3 p.m.

The ICE AAA yield curve was bumped five to six basis points: 2.61% (-5) in 2026 and 2.56% (-6) in 2027. The five-year was at 2.65% (-6), the 10-year was at 2.88% (-6) and the 30-year was at 3.84% (-5) at 4 p.m.

The S&P Global Market Intelligence municipal curve was bumped three to six basis points: The one-year was at 2.60% (-3) in 2025 and 2.60% (-3) in 2026. The five-year was at 2.67% (-5), the 10-year was at 2.90% (-6) and the 30-year yield was at 3.86% (-6) at 4 p.m.

Bloomberg BVAL was bumped five to seven basis points: 2.50% (-5) in 2025 and 2.56% (-5) in 2026. The five-year at 2.64% (-6), the 10-year at 2.88% (-7) and the 30-year at 3.86% (-6) at 4 p.m.

Treasuries were firmer.

The two-year UST was yielding 4.095% (-8), the three-year was at 4.085% (-9), the five-year at 4.125% (-11), the 10-year at 4.29% (-11), the 20-year at 4.586% (-10) and the 30-year at 4.543% (-11) near the close.

Primary to come
The Black Belt Energy Gas District (Baa1/NR/NR/NR/) is set to price $900 million of gas project revenue bonds, 2025 Series B. Goldman Sachs.

The Pennsylvania Turnpike Commission (Aa3///) is set to price Thursday $602.81 million of turnpike revenue bonds. RBC Capital Markets.

The New York City Municipal Water Finance Authority (Aa1/AA+/AA+/) is set to price Wednesday $600 million of water and sewer second general resolution revenue bonds, Fiscal 2025 Series BB, serials 2043-2044, 2048, 2050, 2052-2053, 2055. BofA Securities.

Auburn University (Aa2/AA-/NR/NR/) is set to price Wednesday $333.435 million of general fee revenue bonds, consisting of $139.715 million of Series 2025A and $193.72 million of Series 2025B. Jefferies.

The Idaho Housing and Finance Association (Aaa/AA+/NR/NR/) is set to price Wednesday $318.015 transportation expansion and congestion mitigation fund sales tax revenue bonds, Series 2025A, serials 2026-2045, 2050, term 2049. BofA Securities.

The Carroll City-County Hospital Authority, Georgia, (Aa2/AA//) is set to price Wednesday $175.72 million of Tanner Medical Center project refunding revenue anticipation certificates, serials 2026-2045, terms 2050, 2055. Raymond James.

The Board of Governors of the Colorado State University System is set to price Wednesday $108.74 million of non-rated system enterprise revenue and revenue refunding bonds, Series 2025B, term 2055. Morgan Stanley.

The Massachusetts Development Finance Agency (Aa3/AA-/NR/NR/) is set to price Thursday $100 million of Boston University Issue refunding revenue bonds, Series 2025B-2, terms 2048, 2048. Barclays.

The Industrial Development Authority of the city of Phoenix and Industrial Development Authority of the county of Maricopa (Aa1///) is set to price Wednesday $100 million of non-AMT single-family mortgage revenue bonds, 2025 Series, serials 2027-2037, terms 2040, 2045, 2050, 2055, 2056. Stifel.

Competitive
The Virginia Public Building Authority (Aa1/AA+/AA+/) is set to sell $324.06 million of public facilities revenue bonds, Series 2025A, at 10:45 a.m. Wednesday.

The Springfield Board of Public Utilities, Missouri, is set to sell $275.53 million of certificates of participation at noon Wednesday.

Hoboken, New Jersey, is set to sell $172.019 million of bond anticipation notes at 11 a.m. Wednesday.

The post Muni yields fall, underperforming UST rally appeared first on Daily Aha.

Municipal market participants are beginning to ponder when and whether the threat to tax-exempt bonds from the Trump administration will rise to the point of requiring fresh disclosure for investors and underwriters buying the debt.

Despite the high stakes for the $3.5 trillion tax-exempt bond market, many participants are likely to hold off until legislation is enacted, mindful of the unpredictable nature of Congress and past threats to the exemption that have failed.

“Certainly everyone has been thinking about this and has been since the election,” said Glenn Weinstein at Miller, Canfield, Paddock and Stone, P.L.C. and former chair of the National Association of Bond Lawyers’ Securities Law and Disclosure Committee.

“For now I think most people will rely on the standard exceptions they currently have, which have been worked on for a very long time, because this is not the first time the removal of the tax exemption has been proposed.”

Although it’s far from the first time that Congress has targeted the tax exemption, many believe the threat under the Trump administration is greater as lawmakers hunt for revenue raisers to offset the cost of extending the Tax Cuts and Jobs Act, one of Trump’s top domestic priorities.

Current disclosure in preliminary official statements typically features boilerplate language outlining baseline threats to the exemption on interest from future federal and state legislation.

A review of documents for two bond sales from Dormitory Authority of the State of New York found no disclosure differences for deals that priced before and after Trump taking office.

“Current and future legislative proposals, if enacted into law, clarification of the [tax] code or court decisions may cause interest on the … bonds to be subject, directly or indirectly, in whole or in part, to federal income taxation,” noted official statements on DASNY conduit deals for Northwell Health in January and in 2022. Orrick, Herrington & Sutcliffe LLP acted as bond counsel for both borrowings.

The DASNY disclosure also noted potential secondary-market impact from future action on the tax exemption: “the introduction of enactment of any such legislative proposals or clarification of the code or court decisions may also affect, perhaps significantly, the market price for, or marketability of” the bonds.

Investors in both deals were encouraged to consult with their own advisors on the issue, another typical bond document provision.

“People are more reluctant these days to put in information about specific legislative proposals because that information can become stale very, very quickly,” Weinstein said. “So you could have a problem if you put something in a POS about pending legislation — are you going to have to ‘sticker’ more than once?” he said, referring to the need to update bond documents with fresh information ahead of the transaction.

An early draft of the TCJA axed the exemption for private activity bonds — a provision that did not survive in final legislation — and eliminated tax-exempt advance refunding. The legislative actions did not generate any changes to disclosure language until after it had passed, Weinstein noted.

There have been initial discussions on adding a potential change in federal tax policy to agreements between underwriters and bond issuers that would give underwriters the ability to decline delivery of debt should tax exemption be eliminated, according to Ajay Thomas, head of public finance at FHN Financial.

Bond purchase agreements contain a section detailing carve-outs that would allow underwriters not to proceed under various circumstances. Forward-delivery bond purchase agreements include that section twice, before the initial closing and before the delivery.

Deals with a forward-delivery date might require “a closer look at the language and disclosure as it relates to that as a possibility,” Thomas said, adding more people are coming to a consensus that if Congress were to pass something this year it would probably take effect Jan. 1 or later.

“But right now, I’ve not heard of any issuers or bond counsel or frankly, underwriters that are so concerned about that possibility at this early stage of legislation and then debate that they’re wanting to put that in documents today,” he said.

“When you’re buying tax-exempt bonds, that would be a big material disclosure item and something that changes the landscape of the transaction,” he said. “So I would imagine that there will be some discussion going forward as to how that will impact as we get closer, or again, get some more reality around what’s the proposal.”

The bond purchase agreement model used by the market, crafted by Securities Industry and Financial Markets Association, remains unchanged in the midst of market concerns.

“SIFMA periodically reviews its model documents and its members continually discuss disclosure trends,” said SIFMA’s managing director and associate general counsel Leslie Norwood in an email. “At this time, no bill has been introduced that would change the tax-exempt status of municipal bond interest.”

Weinstein said while some BPAs have included language about legislation that’s still in the early stages of the process, many counsel are reluctant to talk about a specific bill until it’s enacted given the unpredictable nature of the legislative process.

“I can guarantee you that every deal team that has an issue they’re working on will spend a lot of time talking about this,” Weinstein said. “You want to provide disclosure. The problem is, it’s just too speculative until it becomes law.”

The post Market ponders disclosure changes amid threat to tax exemption appeared first on Daily Aha.

Municipals were slightly firmer in spots Monday as U.S. Treasury yields fell and equities ended mixed.

“Munis have been slow and steady (steady may be a stretch) for the first couple of months of the year,” said Daryl Clements, a portfolio manager at AllianceBernstein.

Munis returned 0.51% in January and 0.38% in February month-to-date, he noted.

“The supply and demand backdrop has been favorable, with $7 billion of inflows into mutual funds and exchange-traded funds — an indication of strong muni demand,” Clements said.

Around 60% of demand has gone into longer-duration strategies, while 40% has gone into higher-yielding strategies, showing investors are apparently more willing to take on a bit more risk, he said.

Last week, “there was no meaningful economic data to digest and yields were slightly lower,” Clements said.

Yields were bumped slightly on the front end but remained largely unchanged on the long end, said Jason Wong, vice president of municipals at AmeriVet Securities.

With yields unchanged for the most part, munis are seeing gains of 0.38% so far this month and year-to-date returns of 0.89%, he said.

“With the continued volatility in the rates markets, munis continue to outperform Treasuries as the muni-to-Treasury continue to fall in the 2-10 range and have lowered by roughly 0.5% percentage points while ratios in the long end have dipped lower by 0.8 percentage points over the past week,” Wong said.

The two-year municipal to UST ratio Monday was at 63%, the five-year at 63%, the 10-year at 67% and the 30-year at 85%, according to Municipal Market Data’s 3 p.m. EST read. ICE Data Services had the two-year at 62%, the five-year at 63%, the 10-year at 66% and the 30-year at 83% at 4 p.m.

This will be a busy week in the primary market with $7.5 billion on the calendar, including “Santee Cooper, NYC Water, several college and university deals and two fairly large non-rated deals,” said Pat Luby, head of municipal strategy at CreditSights.

However, this amount is “relatively average” for this time of year, Clements said.

With March 1 coupon payments “around the corner,” next week’s calendar should be well-digested, he noted.

On tap for next week are at least two mega deals, including New York City with $1.5 billion of GOs and the Regents of the University of California with $1.4 billion of tax-exempt general revenue bonds.

Sizable deals already scheduled for the week of March 10 include the New York City Transitional Finance Authority with $1.5 billion of future tax-secured bonds, California with $825 million of taxable GO and taxable GO refunding bonds and $725 million of Build Illinois sales tax bonds.

The week of March 17 sees several more large deals, including the Dormitory Authority of the State of New York with $2.3 billion of personal income tax revenue bonds, the N.Y. Metropolitan Transportation Authority with $700 million of transportation revenue refunding green bonds and New York State with $500 million of GOs.

AAA scales
MMD’s scale was bumped up to two basis points: The one-year was at 2.60% (-2) and 2.62% (-2) in two years. The five-year was at 2.69% (-2), the 10-year at 2.96% (unch) and the 30-year at 3.97% (unch) at 3 p.m.

The ICE AAA yield curve was bumped up to a basis point: 2.67% (-1) in 2026 and 2.62% (-1) in 2027. The five-year was at 2.71% (-1), the 10-year was at 2.95% (-1) and the 30-year was at 3.89% (unch) at 4 p.m.

The S&P Global Market Intelligence municipal curve saw small bumps: The one-year was at 2.63% (-2) in 2025 and 2.63% (-3) in 2026. The five-year was at 2.72% (-3), the 10-year was at 2.96% (-2) and the 30-year yield was at 3.91% (-2) at 4 p.m.

Bloomberg BVAL was bumped up to a basis point: 2.55% (-1) in 2025 and 2.61% (-1) in 2026. The five-year at 2.70% (-1), the 10-year at 2.95% (-1) and the 30-year at 3.92% (unch) at 4 p.m.

Treasuries were firmer.

The two-year UST was yielding 4.2% (-3), the three-year was at 4.169% (-4), the five-year at 4.229% (-4), the 10-year at 4.394% (-4), the 20-year at 4.684% (-3) and the 30-year at 4.652% (-3) near the close.

Primary to come
The Black Belt Energy Gas District (Baa1/NR/NR/NR/) is set to price $900 million of gas project revenue bonds, 2025 Series B. Goldman Sachs.

The South Carolina Public Service Authority (/A-//) is set to price Tuesday $650 million of revenue bonds. BofA Securities.

The Pennsylvania Turnpike Commission (Aa3///) is set to price Thursday $602.81 million of turnpike revenue bonds. RBC Capital Markets.

The New York City Municipal Water Finance Authority (Aa1/AA+/AA+/) is set to price Wednesday $600 million of water and sewer second general resolution revenue bonds, Fiscal 2025 Series BB, serials 2043-2044, 2048, 2050, 2052-2053, 2055. BofA Securities.

The Bay Area Toll Authority is set to price Tuesday $379.08 million of San Francisco Bay Area toll bridge revenue bonds, consisting of $279.08 million of 2025 Series F-1 (NR/AA/AA/) and $100 million of 2025 Series SSL-1 (NR/AA-/AA-/). Wells Fargo.

Auburn University (Aa2/AA-/NR/NR/) is set to price Wednesday $333.435 million of general fee revenue bonds, consisting of $139.715 million of Series 2025A and $193.72 million of Series 2025B. Jefferies.

The Idaho Housing and Finance Association (Aaa/AA+/NR/NR/) is set to price Wednesday $318.015 transportation expansion and congestion mitigation fund sales tax revenue bonds, Series 2025A, serials 2026-2045, 2050, term 2049. BofA Securities.

The Idaho Housing and Finance Association (Aa1///) is set to price Tuesday $250 million of taxable single-family mortgage bonds, 2025 Series A, serials 2025-2037, terms 2040, 2045, 2049, 2065. RBC Capital Markets.

The Monmouth County Improvement Authority, New Jersey, is set to price Tuesday $237.071 million of non-rated governmental pooled loan project notes, serial 2026. Raymond James.

The Missouri Joint Municipal Electric Utility Commission’s (A2//A/) is set to price Tuesday $200 million of Prairie State Project power project revenue refunding bonds. BofA Securities.

The Carroll City-County Hospital Authority, Georgia, (Aa2/AA//) is set to price Wednesday $175.72 million of Tanner Medical Center project refunding revenue anticipation certificates, serials 2026-2045, terms 2050, 2055. Raymond James.

The Board of Governors of the Colorado State University System is set to price Wednesday $108.74 million of non-rated system enterprise revenue and revenue refunding bonds, Series 2025B, term 2055. Morgan Stanley.

The Massachusetts Development Finance Agency (Aa3/AA-/NR/NR/) is set to price Thursday $100 million of Boston University Issue refunding revenue bonds, Series 2025B-2, terms 2048, 2048. Barclays.

The Industrial Development Authority of the city of Phoenix and Industrial Development Authority of the county of Maricopa (Aa1///) is set to price Wednesday $100 million of non-AMT single-family mortgage revenue bonds, 2025 Series, serials 2027-2037, terms 2040, 2045, 2050, 2055, 2056. Stifel.

Competitive
Oyster Bay, New York, is set to sell $178.275 million of water district notes at 10:45 a.m. eastern Tuesday.

The Fullerton Joint Union High School District, California, (Aa2/AA//) is set to sell $120 million of Election of 2024 GOs, Series A, at noon Tuesday.

Washoe County School District, Nevada, (Aa2/AA//) is set to sell $100 of limited tax GO school improvement bonds at 11:30 a.m. Tuesday.

Maury County, Tennesee, (Aa2///) is set to sell $100 of GOs at 10:30 a.m. Tuesday.

The Virginia Public Building Authority (Aa1/AA+/AA+/) is set to sell $324.06 million of public facilities revenue bonds, Series 2025A, at 10:45 a.m. Wednesday.

The Springfield Board of Public Utilities, Missouri, is set to sell $275.53 million of certificates of participation at noon Wednesday.

Hoboken, New Jersey, is set to sell $172.019 million of bond anticipation notes at 11 a.m. Wednesday.

The post Munis firmer in spots but relatively steadiness continues appeared first on Daily Aha.