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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.

While this was a blockbuster week for issuance, supply may start to slow down, as this year was a "front run" on questio...
11/06/2025

While this was a blockbuster week for issuance, supply may start to slow down, as this year was a "front run" on questions related to the One Big Beautiful Bill Act, said Derek Plaski, associate portfolio manager and senior investment analyst at Federated Hermes.

Investors added $1.266 billion to municipal bond mutual funds in the week ended Wednesday, following $744.3 million of inflows the prior week, according to LSEG Lipper data.

"The negative outlook reflects our view that there is at least a one-in-three chance of a lower rating within our two-ye...
11/06/2025

"The negative outlook reflects our view that there is at least a one-in-three chance of a lower rating within our two-year outlook horizon," S&P said in its rating report, noting, it is evaluating Chicago's GO credit performance in light of several factors.

S&P revised Chicago's outlook to negative from stable and affirmed its BBB rating on the city's outstanding general obligation debt.

"We've fielded quite a few questions about the prospect of a Mamdani administration over New York City," Devine said. "I...
11/06/2025

"We've fielded quite a few questions about the prospect of a Mamdani administration over New York City," Devine said. "I think there's quite a bit of people out there who don't necessarily understand the impact that he realistically could have on the city's credit quality."

City and state law mean it's unlikely that Mamdani will be able to enact the parts of his agenda that would have major impacts on the city's credit.

The "defendants have blatantly overstepped their statutory authority, violated the [Administrative Procedure Act], and t...
11/06/2025

The "defendants have blatantly overstepped their statutory authority, violated the [Administrative Procedure Act], and transgressed well-settled constitutional limitations on federal funding conditions," a federal judge wrote.

The ruling comes as the municipal bond market closely watches the administration's effort to control federal infrastructure spending.

"The District continues to explore alternative funding methods, where appropriate, such as public-private partnerships,"...
11/06/2025

"The District continues to explore alternative funding methods, where appropriate, such as public-private partnerships," according to a new report from the city's Chief Financial Officer.

An uncertain financial future partially due to federal government downsizing is compounding with nearly $6 billion of unfunded capital needs that will require Washington D.C. to lean on asset management and its strong credit rating to overcome the challenges.

During her keynote speech, California State Treasurer Fiona Ma said the combination of the $500 million in low-income ta...
11/06/2025

During her keynote speech, California State Treasurer Fiona Ma said the combination of the $500 million in low-income tax credits Gov. Gavin Newsom included in the 2026-2027 budget and the change in the federal tax law has enabled the state to do more projects.

The federal budget bill lowered the percentage of private-activity bonds needed for affordable housing projects to qualify for 4% tax credits, but it hasn't been the boon expected.

"This funding means that there will be no layoffs or service cuts. With these funds, we will expand our bus and rail ser...
11/06/2025

"This funding means that there will be no layoffs or service cuts. With these funds, we will expand our bus and rail service, invest in new technologies and implement new strategies to support our riders and employees," CTA Acting President Nora Leerhsen said. "CTA is excited for the bright future that lays ahead and we extend our deepest appreciation to everyone who's worked so hard to support public transit in the Chicago region."

Illinois' General Assembly passed a bill that provides both governance reforms sought by lawmakers and funding to avert a Chicago transit fiscal cliff.

The rating agency cited the district's reduced likelihood of improving its fiscal condition at the pace it had been and ...
11/06/2025

The rating agency cited the district's reduced likelihood of improving its fiscal condition at the pace it had been and said the credit could weaken absent significant changes to revenues or expenditures.

Moody's revised the outlook on the Chicago Board of Education to stable from positive on Monday.

The next federal highway bill will return to traditional road and bridge building, House Transportation Committee Chair ...
11/05/2025

The next federal highway bill will return to traditional road and bridge building, House Transportation Committee Chair Sam Graves said.

House Republicans hope to mark up the next surface transportation bill early next year.

Trade data from the Municipal Securities Rulemaking Board show "a steady 60% to 63% of all secondary trades are customer...
11/05/2025

Trade data from the Municipal Securities Rulemaking Board show "a steady 60% to 63% of all secondary trades are customer buys — suggestive of inquiry engaged along the curve but particularly past 10 years where the slope remains steep," Olsan said.

While the market navigates a surge in supply, another focus area has become elections and their potential to shift market demand, as several regional election results will likely garner greater attention over the next few months, said Kim Olsan, senior fixed income portfolio manager at NewSquare…

"My wife laughs when people ask me what I do and their eyes glaze over, but we are the people behind the scenes. I grew ...
11/05/2025

"My wife laughs when people ask me what I do and their eyes glaze over, but we are the people behind the scenes. I grew up in Colorado and it's important for me to see our state progress and I am lucky to have a front-row seat," said Persichitte.

"My wife laughs when people ask me what I do and their eyes glaze over," said Michael Persichitte.

For the ballot referendums that were rejected, economic uncertainty may have played a role, said Tom Kozlik, managing di...
11/05/2025

For the ballot referendums that were rejected, economic uncertainty may have played a role, said Tom Kozlik, managing director and head of public policy and municipal strategy at HilltopSecurities.

A rundown of the largest bond referendums.

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