The Bond Buyer

The Bond Buyer The Bond Buyer is the only independent news-analysis resource serving the complete municipal finance

The Bond Buyer, an Arizent brand, is the only independent resource serving the complete municipal finance community; its paid subscription news, analysis and data service is embedded in the workflows of the industry’s issuers and investors, government officials, and all players on the "deal team." The Bond Buyer's annual conferences offer in-depth education about cutting-edge public-finance topics

, ranging from local government finance and budgeting to large-scale funding of the nation's transportation, health care, higher education and public utilities infrastructure.

"We want to assure the public that the absence of the 2023 audit is not indicative of any financial impropriety or insta...
07/05/2025

"We want to assure the public that the absence of the 2023 audit is not indicative of any financial impropriety or instability within Montgomery County," county commission members said in a written statement.

The county commission said it hopes to regain Moody's ratings this fall.

"The city continues to bolster its financial resiliency and maintain solid operating performance, which will enable it t...
07/04/2025

"The city continues to bolster its financial resiliency and maintain solid operating performance, which will enable it to successfully weather the adverse effects of an economic slowdown," Moody's said in its rating report.

A year after raising its ratings to investment grade, Moody's Ratings upgraded Detroit's issuer and general obligation bond ratings again, to Baa1.

"The inaction leaves ODOT without enough funding to continue our core operations," Oregon Department of Transportation D...
07/04/2025

"The inaction leaves ODOT without enough funding to continue our core operations," Oregon Department of Transportation Director Kris Strickler wrote in an email to staff.

Oregon Department of Transportation leaders said they will begin layoffs Monday after lawmakers adjourned without passing a transportation funding bill.

"When I speak with market participants or pick up an official statement or visit an issuer's website, I am regularly con...
07/04/2025

"When I speak with market participants or pick up an official statement or visit an issuer's website, I am regularly confronted with a title that imprecisely reflects the nature of the relationship between municipal entities and/or obligated persons and their advisors: financial advisor," said Dave Sanchez, director of the Securities and Exchange Commission's Office of Municipal Securities.

"If you are seeking the services of a municipal advisor, it would be helpful to use the term municipal advisor in your RFP/Qs," said Sanchez, director of the SEC's Office of Municipal Securities.

"You can get 5%-coupon credits at par or discounts, if you're willing to give up longer call protection or drop down int...
07/04/2025

"You can get 5%-coupon credits at par or discounts, if you're willing to give up longer call protection or drop down into lower investment-grade names," said Kim Olsan, senior fixed income portfolio manager at NewSquare Capital. “That represents strong value on a historical basis.”

The growth of the muni market comes as issuance surges, with the first half of the year seeing $280.64 billion of supply, up 14.3% year-over-year, according to LSEG.

The panel greenlighted $130 million certificates of participation for the city of Charlotte, $210 million refunding bond...
07/03/2025

The panel greenlighted $130 million certificates of participation for the city of Charlotte, $210 million refunding bonds for Charlotte Water and $165 million revenue bonds for Nash Health Care Systems.

Up to $505 million of bonds could be issued.

Jenna Magan, co-head of Orrick's public finance practice, called Turner-Bond an energetic go-getter, and a natural leade...
07/03/2025

Jenna Magan, co-head of Orrick's public finance practice, called Turner-Bond an energetic go-getter, and a natural leader trusted by California's issuers and underwriters. "We are very happy to have her on our team."

The addition of Turner-Bond as a partner will deepen Orrick's public finance practice's P3 expertise.

The higher-than-expected jobs add and the 4.1% unemployment rate "demonstrate economic resilience despite expectations f...
07/03/2025

The higher-than-expected jobs add and the 4.1% unemployment rate "demonstrate economic resilience despite expectations for slowdowns on the backs of tariff and fiscal uncertainty," said Lara Castleton, U.S. head of portfolio construction and strategy at Janus Henderson Investors.

UST yields rose across the curve in response to the employment report with the two-year rising nearly 10 basis points while municipals largely ignored the moves and ratios fell as a result.

"We have been clearly successful in relaying to Congress just how vital municipal bonds are," said Emily Brock, federal ...
07/03/2025

"We have been clearly successful in relaying to Congress just how vital municipal bonds are," said Emily Brock, federal liaison of the Government Finance Officers Association.

Market participants launched the largest lobbying effort in recent memory to protect municipal bonds and got what they wanted as the tax-exemption survived.

"Tribal governments, liberal groups, and some elected officials have pushed for special tax exemptions that would create...
07/03/2025

"Tribal governments, liberal groups, and some elected officials have pushed for special tax exemptions that would create a two-tiered system — one set of rules for tribal citizens and another for everyone else. That's wrong,” Oklahoma Gov. Kevin Stitt said.

Oklahoma can continue to collect income taxes from certain Native Americans in a case that threatened to cost the state millions of dollars in tax refunds.

Support from the SALT caucus would likely be needed to get the revised bill through the House.
07/03/2025

Support from the SALT caucus would likely be needed to get the revised bill through the House.

As the Senate-approved version of the reconciliation bill bounces back to the House, the SALT caucus that was key to its passage takes a look at SALT provision changes.

"This was all predicated on the development of a particular district," said Lisa Washburn of Municipal Market Analytics....
07/03/2025

"This was all predicated on the development of a particular district," said Lisa Washburn of Municipal Market Analytics. "So those tend to be some of the riskiest bonds in the municipal market. They tend to be not rated and not insured because of the risk."

Yorkville, Illinois, defaulted on special district bonds for Kendall Marketplace, a shopping center that never evolved into the expected retail powerhouse.

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