Robust issuance this year has contributed to muni underperformance relative to other asset classes, but it also has "improved after-tax relative value for investors in higher tax brackets," said Sam Weitzman of Western Asset.
Race and sex-based preferences were removed from the state's Historically Underutilized Business program, which will focus exclusively on veteran-owned firms.
Dozens of lawmakers are bailing out of Congress before the midterm elections adding new wrinkles to the fading possibility of a second budget reconciliation which could require revenue raisers detrimental to the muni market.
"The Nominating Committee's goal is to achieve broad representation of the municipal securities market on the MSRB Board of Directors," the committee's chair said.
The muni market is dealing with elevated supply this week and secondary flows have "reacted in tandem," said Kim Olsan, senior fixed income portfolio manager at NewSquare Capital.
Fortress Investment Group bought the property in 2021 after it was largely destroyed by Hurricanes Irma and Maria and financed a major renovation that featured reinforcement standards designed to protect against a category 5 hurricane.
After selling $260 million of voter-approved bonds for the project, county officials are eyeing a sales tax ballot measure in 2026 to cover the higher cost.
The county treasurer's new report describing large hikes in Chicago residential tax bills effectively takes property tax hikes off the table for the city.
The transaction, which supports the Navajo community in Ganado, Arizona, represents a major landmark in furthering Native American health care infrastructure, overcoming hurdles tribal governments typically face in issuing municipal debt to open a replicable path to market other indigenous health systems can follow.
The toll road agency's financial and other practices were targeted in a November legislative study, which could lead to another round of reform legislation.
The muni market recorded its fourth straight month of positive returns in November and December is likely to keep the streak going with another strong month to round out the year.
Bond issuers in the water sector are concerned about a reduction in WIFIA loan closings as some point to competition from municipal bonds as a cause for a decline in their popularity.
Moody's Ratings has put McLaren Health Care Corporation's A1 revenue bond ratings under review for downgrade after Indiana ended a key Medicaid contract with the company.
Wisconsin's February deal introduced a fixed spread tax-exempt tender that saved taxpayers millions ? and won The Bond Buyer's Deal of the Year award in the innovation category.
"Dealer inventories have grown heavier throughout [November], which could put pressure on the market if supply reverts to its weekly average of over $10 billion," said Chris Brigati, CIO and managing director of SWBC, and Ryan Riffe, SVP of capital markets at the firm.
The funds supported new facilities and housing, helping address challenges Navajo Nation communities face, such as long-distance travel and limited access to health care.
"We do not expect any major weakness to take hold as the new issue calendar is beginning to dwindle with only two non-holiday or non-Federal Reserve weeks left in the year," said Birch Creek strategists.
Cities and states are showing budget resilience as pressure from inflation, slowing revenue growth, and the end of federal pandemic fuels concerns about an uncertain future.
Meridiam, ACS Infrastructure Development, Sacyr Infrastructure USA LLC and Plenary Americas are among the firms that have signaled interest in the project.
The $6.3 billion all-funds budget was amended in the wake of the Nov. 4 defeat of a property tax rate increase that would have raised $109.5 million in revenue.
The long-awaited jobs report paints a mixed picture for market participants: nonfarm payrolls increased by a greater-than-expected119,000 in September, but the unemployment rate rose to 4.4%.
The Virginia Port Authority wanted to secure the future of a key container shipping facilty. The result is the Bond Buyer's Southeast Deal of the Year.
The market is in a bit of a lull right now as it braces for a deluge of economic data, which could spark volatility, said Jeff Timlin, a partner at Sage Advisory.
After terminating the project in September, the council approved an initial deal with a new contractor team to develop design and construction options.
A $1.2 billion revenue bond required the Columbus Regional Airport Authority to "start from scratch." The result is The Bond Buyer's Midwest Deal of the Year.
In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.
Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.
Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
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