The municipal bond market has recently showcased a remarkable resilience, indicating a characteristic strength amidst increasing economic uncertainties. As we end the first half of 2023, we find a variety of contributing factors playing into the current condition of this market sector. The yields of U.S. Treasuries, which serve as a benchmark for many asset
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In a transformative move for Utah’s economic landscape, the state has announced a substantial bond issuance valued at $247.74 million aimed at financing a monumental development on state-owned land. Slated to kick off with the Point Phase 1 Public Infrastructure District No. 1, the project promises to lay the groundwork for a sprawling 600-acre area.
In the rarified air of academic excellence, few institutions command the respect and resources that Harvard University does. However, recent developments surrounding a bond sale reveal the cracks in this illustrious facade, leading to serious scrutiny from political figures, notably New York Republican Rep. Elise Stefanik. Her request for the Securities and Exchange Commission (SEC)
In a city boasting a rich sports culture, the recent approval of a $900 million arena for the Oklahoma City Thunder through a bond-financed deal raises eyebrows among taxpayers and community members. The deal, which guarantees that the team will remain in Oklahoma City through at least 2053, appears on the surface to be a
Despite the chaos witnessed in financial markets over the past few years, the high-yield municipal bond sector shows a flicker of optimism that is truly remarkable. Investors are starting to recognize opportunities where once they saw peril. The lure of nearly double-digit yields in the high-yield sphere, as exemplified by prominent deals like the $2.5
As Philadelphia prepares to make its first general obligation bond issuance since 2021, the city stands at a pivotal junction. The planned $817 million bond deal, which will unfold on Tuesday, showcases not only the ambitious undertakings of the new administration but also the city’s remarkable recovery from a tumultuous economic landscape. While the deal
Last Tuesday, Guam’s Consolidated Commission on Utilities took a bold step by approving a staggering $270 million in bonds for the Guam Waterworks Authority (GWA). With an anticipated all-in true interest cost of 4.91%, as announced by General Manager Miguel Bordallo, one must question the prevailing wisdom behind such a significant financial maneuver. While the
In the dynamic landscape of municipal finance, the forthcoming $900 million sales tax revenue bond issue by a Utah debt issuer could be viewed as both a beacon of hope and a source of trepidation for Salt Lake City. Designed to fund renovations at Delta Center—a site that has evolved from a basketball-exclusive arena into
Chicago’s upcoming issuance of $517.95 million in general obligation bonds, as highlighted by Fitch Ratings, serves as a painful indicator of the city’s ongoing fiscal turmoil. With a negative outlook assigned to the city’s A-minus issuer default rating, it is clear that the city is straddling a precarious financial divide. Fitch’s assessment revolves around Chicago’s
The landscape of municipal bonds is shifting under our feet like sand, a phenomenon that should give financial conservatives and center-right investors considerable pause. Recent reports highlight the intricate relationship between municipal yields and broader market dynamics. Despite the apparent stability in the municipal bond market, various undercurrents—like rising U.S. Treasury yields and substantial outflows