California has recently announced a plan to sell $2.5 billion of tax-exempt general obligation bonds, marking it as the state’s second largest offering this year. The proceeds from this sale will be utilized to finance various voter-approved projects, pay off outstanding commercial paper, and refund outstanding general obligation bonds. Fitch Ratings has assigned a AA
Bonds
The North Texas Tollway Authority (NTTA) is currently in the process of seeking savings through bond refundings and tenders in a $1.126 billion deal. This deal, which is the highlight of this week’s municipal bond sale calendar, includes two series of tax-exempt debt totaling $446.14 million and nearly $680 million, respectively. The NTTA’s Chief Financial
The Municipal bond market experienced little change as U.S. Treasury yields rose and equities ended mixed. However, there was a notable increase in demand for high-yield bonds, with inflows of $357.5 million reported after $355 million of inflows the previous week. This surge in demand indicates that investors are looking for higher returns despite the
The municipal bond market has been relatively steady in recent days, with the Investment Company Institute reporting significant inflows into municipal bond mutual funds. This influx of funds has not resulted in major fluctuations in the market, as U.S. Treasuries remained relatively unchanged across various maturity levels. However, while municipal bond yields have not seen
The municipal market saw a narrow mix on Tuesday, influenced by rising U.S. Treasury yields and a slightly higher equities market towards the close of the day. While the two-year muni-to-Treasury ratio stood at 63%, there was a slight variation in ratios for different maturities as per Refinitiv Municipal Market Data. This data was further
Tower Health, a Pennsylvania nonprofit regional healthcare system, has recently announced plans to exchange outstanding debt and issue new bonds in an attempt to facilitate its turnaround. This restructuring initiative involves issuing $1.335 billion of revenue bonds through the Berks County Municipal Authority, with the hospital operator exchanging $1.178 billion of debt for new bonds.
The municipal bond market has been experiencing relatively stable prices despite the recent rise in U.S. Treasury yields and a downward trend in equities. While last year saw a negative total return for munis in the summer months, this year has shown a significantly improved performance with a return of 3.11% from June through August
New York City is gearing up for its latest bond issuance, with a hefty $1.8 billion being made available for investors. This sizable offering is part of a larger $12 billion new-issue calendar for the week. The deal consists of two series – $1.5 billion of tax-exempt general obligation (GOs) bonds and $300 million of
The municipal yields experienced a decline on Tuesday as the primary market picked up pace. However, this decrease in yields was overshadowed by an overall positive performance in the U.S. Treasury market. The equities market also saw a boost after the release of inflation data that was softer than expected. As a result, there was