A Florida mining project that defaulted on its municipal bonds was put into receivership.

The United States District Court for the Middle District of Florida appointed Lighthouse Management Group, Inc., to be the receiver for the project.

Mineral Development, LLC initiated the project for mining phosphate from land in Bartow, Florida, with $90 million in municipal bonds. The bondholders’ trustee, UMB Bank, N.A., petitioned the court on Feb. 10 for the receiver after Mineral Development had made numerous defaults on the bond payments.

No parties opposed the petition for receivership.

There is now between $85 million and $90 million in bond debt outstanding on the Series 2000 Polk County Industrial Development Authority industrial development revenue bonds.

According to the court’s order, the receiver is to continue work until the property is sold to a third party or transferred to the bond trustee. The property is defined as Mineral Development’s property at the mining site, which Mineral Development has been leasing from Clear Springs DLC, and the agreements between Mineral Development and Clear Springs.

In her order U.S. District Judge Virginia Hernandez Covington gave wide powers to the receiver.

Lighthouse Management Group and Chris Berg, Mineral Development chief financial officer, didn’t immediately respond to a request for a comment. UMB declined to comment.

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Municipals were quiet Friday ahead of an $11 billion new-issue calendar as U.S. Treasury yields fell and equities ended up.

The bond market’s attention has shifted from inflation and tariffs to economic growth issues, said BofA Global Research’s Yingchen Li and Ian Rogow.

“Weak January retail sales and a weak preliminary February service PMI report are the two pieces of data that triggered the shift of the market psyche,” they noted. “The bond market has clearly welcomed this change of heart.”

Ten-year Treasury yields are 60 basis points off the January peak of 4.80%, and futures are pricing in two 25 basis point Fed rate cuts again, Li and Rogow noted.

“The muni market rallied somewhat less,” they said, with the 10-year MMD AAA yield falling 38 basis points and the 30-year MMD AAA yield down 18 basis points from their mid-January peaks as of Friday.

It’s unclear, they said, if concerns about growth will remain the focus.

“For munis, March is typically a transitory month,” they added. “While we expect the market to work well during the first two weeks of the month, by late March, the market usually begins to trade on tax seasonality. This year, our estimated issuance in March exceeds redemptions and coupon payments. It appears to us that the recently cheapened muni ratios may last for the next couple of months.”

The two-year municipal to UST ratio Friday was at 64%, the five-year at 65%, the 10-year at 68% and the 30-year at 87%, according to Municipal Market Data’s 3 p.m. EST read. ICE Data Services had the two-year at 62%, the five-year at 64%, the 10-year at 67% and the 30-year at 84% at 4 p.m.

Friday’s data saw the Federal Reserve’s preferred inflation gauge show core inflation on an annualized basis fell to a 2.6% gain, the smallest in about four years.

“The weak January spending figures likely mask continued decent underlying growth in personal consumption, though recent sour consumer sentiment surveys suggest concern about tariff-led inflation is starting to weigh,” said BMO Senior Economist Sal Guatieri. “The chilly start to the year for consumers and potential trade war suggest downside risks for Q1 growth estimates.”

After the PCE report, Payden & Rygel Chief Economist Jeffrey Cleveland said, “decent growth, slightly higher unemployment, and moderating inflation, suggests the Fed will resume cutting, perhaps sometime around mid-year, and probably cut more than the market expects over the next 12 months (three to four times).”

New-issue calendar
Issuance for next week rises to an estimated $11.041 billion, with $8.994 billion of negotiated deals and $2.047 billion of competitive deals on tap.

New York City leads the negotiated calendar with $1.4 billion of GOs, followed by the Regents of the University of California with $1.2 billion of general revenue bonds.

The competitive calendar is led by the California Department of Water Resources with $336 million of revenue bonds.

AAA scales
MMD’s scale was unchanged: The one-year was at 2.54% and 2.54% in two years. The five-year was at 2.63%, the 10-year at 2.86% and the 30-year at 3.93% at 3 p.m.

The ICE AAA yield curve was bumped up to two basis points: 2.58% (-1) in 2026 and 2.54% (-1) in 2027. The five-year was at 2.62% (-1), the 10-year was at 2.85% (-2) and the 30-year was at 3.82% (-1) at 4 p.m.

The S&P Global Market Intelligence municipal curve was bumped a basis point: The one-year was at 2.59% (-1) in 2025 and 2.59% (-1) in 2026. The five-year was at 2.65% (-1), the 10-year was at 2.88% (-1) and the 30-year yield was at 3.84% (-1) at 4 p.m.

Bloomberg BVAL was unchanged: 2.48% in 2025 and 2.54% in 2026. The five-year at 2.62%, the 10-year at 2.86% and the 30-year at 3.86% at 4 p.m.

Treasuries were firmer.

The two-year UST was yielding 3.998% (-6), the three-year was at 3.982% (-5), the five-year at 4.027% (-5), the 10-year at 4.226% (-4), the 20-year at 4.547% (-2) and the 30-year at 4.511% (-2) near the close.

Primary to come
New York City (Aa2/AA/AA/AA+/) is set to price $1.407 billion of GOs on Wednesday, consisting of $500 million Series E bonds, serials 2026-2045, terms 2050 and 2055; and $906.82 million refunding Series F bonds, serials 2025-2043. Ramirez.

The Regents of the University of California (Aa2/AA/AA/) plans to price $1.208 billion general revenue bonds, consisting of $320.545 million of Series CB, serials 2029-2030, 2036-2040; and $887.005 million of Series CC, serials 2029-2045, terms 2052 and 2055. RBC Capital Markets.

The Kentucky State Property and Buildings Commission (Aa3/NR/AA-/NR/) plans to price Wednesday $829.83 million Project No. 132 revenue bonds, consisting of $700 million of Series 2025A bonds, serials 2026-2045; and $129.83 million of Series 2025B refunding bonds, serials 2027-2036. BofA Securities.

The Massachusetts Development Finance Agency plans to price $500 million of Series 2025A revenue bonds for Harvard University. Goldman Sachs.

Stanford University (Aaa/AAA/AAA/NR/) plans to price Wednesday $327 million of Series 2025 A taxable bonds. Morgan Stanley.

The Pennsylvania Housing Finance Agency (Aa1/AA+//) plans to price Wednesday $326.81 million single-family mortgage revenue bonds, consisting of $262.94 million Series 148A non-AMT social bonds, serials 2026-2037, terms 2040, 2045, 2050 and 2055; and $63.87 million of Series 148B taxable bonds, serials 2026-2037, terms 2040, 2045, 2050, 2054 and 2055. Wells Fargo.

The California Educational Facilities Authority (Aaa/AAA//) is set to price $319 million of Series V-4 revenue bonds for Stanford University. Goldman Sachs.

El Paso, Texas, (NR/AA/AA+/NR/) plans to price Tuesday $299.07 million of water and sewer revenue refunding bonds, serials 2026-2045, term 2050. Morgan Stanley.

The Orange County Local Transportation Authority, California, (NR/AAA/AA+/NR/) plans to price Wednesday $232.98 million of Measure M2 sales tax revenue refunding bonds, serials 2026-2041. BofA Securities.

The New Hope Cultural Education Facilities Finance Corp. plans to price Wednesday $231.585 million of non-rated retirement facility revenue refunding bonds (Bella Vida Forefront Living project). Ziegler.

The New York State Housing Finance Agency (Aaa///) plans to price $231 million 160 West 62nd Street housing revenue bonds, consisting of $155 million of Series A1 and $76 million of Series A2. Wells Fargo.

The Houston Independent School District (Aaa/AAA//) plans to price Thursday $186.155 million of PSF-insured limited tax refunding bonds, Series 2025B, serial 2026. RBC Capital Markets.

Forest Hills Public Schools, Michigan, (Aa2///) plans to price Tuesday $173.35 million of 2025 school building and site bonds, Series I, serials 2026-2045. Stifel.

The Virginia Housing Development Authority (Aa1/AA+//) plans to price Tuesday $172.52 million of non-AMT rental housing bonds, Series 2025A, serials 2027-2037, terms 2040, 2045, 2050, 2055, 2060, 2068. Raymond James.

The School Board of Manatee County, Florida, (/A+/A+/) plans to price Tuesday $139.255 million Florida master lease program certificates of participation, Series 2025A, serials 2026-2045. BofA Securities.

The Nevada Housing Corp. (NR/AA+/NR/NR/) plans to price Wednesday $138 million of senior single-family mortgage revenue bonds, consisting of $30 million of non-AMT Series 2025A bonds and $108 million of taxable Series 2025B. J.P. Morgan.

The Arizona Industrial Development Authority plans to price Tuesday $134.96 million of senior living revenue bonds, consisting of $199.11 million of Series A, $3.35 million of Series B and $12.5 million of Series C. H.J. Sims.

The Racine Unified School District, Wisconsin, (Aa3///) plans to price Tuesday $130.82 million GO promissory notes, serials 2026-2030, 2032-2045. Baird.

The Board of Trustees for Mesa University, Colorado, (Aa2/NR/NR/NR/) plans to price Tuesday $117.545 million of institutional enterprise revenue and refunding bonds, Series 2025A, serials 2025-2045, terms 2050, 2055. Jefferies.

The Adams County School District 14, Colorado, (Aa2/AA//) plans to price Tuesday $113.9 million GOs, serials 2025, 2032-2044. RBC Capital Markets.

Marion, Illinois, plans to price Tuesday $112.44 million of sales tax revenue bonds (STAR bonds District Project Area No. 1), terms 2045, 2055. Stifel.

The California Public Finance Authority plans to price $102.12 million senior living revenue bonds, consisting of $96.775 million of Series A, $2.345 million of Series B and $3 million of Series C. HJ Sims.

Competitive
The California Department of Water Resources (Aa1/AAA//) will take bids on $336 million of Central Valley Project Water System revenue bonds at 11:30 a.m., Eastern, Tuesday.

Wisconsin will bring $253.905 million of GOs, Series A, on Wednesday at 10:45 a.m.

Mobile, Alabama, (Aa2/AA//) will bring $226.485 million GO warrants, Series 2025A, on Wednesday at 10 a.m.

Cambridge, Massachusetts, (Aaa/AAA/AAA/) will bring $166 million of GO municipal purpose loan of 2025 on Wednesday at 11 a.m.

Clark County, Nevada, (Aa1/AAA//) will auction $126 million of limited tax GO flood control refunding bonds at 11:15 a.m. Tuesday.

Johnston County, North Carolina, (Aaa/AAA//) will auction $100 million general obligation bonds at 11 a.m. Tuesday.

Gary Siegel contributed to this report.

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Leveraging local politics on the Republican side of the aisle may hold the key to convincing lawmakers who are on the fence about retaining the tax exemption of municipal bonds in the face of paying for new tax cut requests from the Trump administration.  

“It is totally counter-intuitive that a Republican district would be thinking about eliminating a tool that finances the very infrastructure and economic development and affordable housing in their district,” said Toby Rittner president and CEO of the Council of Development Finance Agencies. 

“But this is a math game. The President wants certain things, and they have to find a way to pay for it.” 

Rep. Rudy Yakym R-Ind. who represents the state’s second district and sits on the House Ways and Means Committee has a front row seat in the tax policy debates that will decide the fate of key Tax Cuts and Jobs Act provisions that expire at the end of this year.  

His position also puts him high on the list for lobbying efforts. 

“We’ve been in contact with his deputy chief of staff,” said Jarron Brady, policy analyst of the Government Finance Officers Association Federal Liaison Center. 

 ”We’ve been talking about doing a hill briefing, in middle or late March because the committees have been instructed to come up with their proposals by the end of March. We should see some leaks in the media, probably around that time about what’s been included.” 

Yakym scored a Public Service Award from the American Public Power Association earlier this week cementing his status as a friend of public finance.  

“Representative Yakym understands that tax-exempt municipal financing is a critical engine for creating jobs and upgrading our nation’s infrastructure,” said APPA president and CEO Scott Corwin. 

“His leadership of the Municipal Finance Caucus and work on the House Ways & Means Committee has been, and will continue to be, vital to protecting public power’s access to the financing tools that keep our communities reliably and affordably powered.” 

The APPA represents not-for-profit, community-owned utilities that power 2,000 towns and cities nationwide.  Public power utilities use tax-exempt municipal bonds to finance power generation, distribution, reliability, demand control, efficiency, and emissions control.

In mid-February Yakym teamed up with Reps. David Kustoff, R-Tenn., Gwen Moore, D-Wis., and Jimmy Panetta, D-Calif., to reintroduce legislation that would restore the advance refunding of tax exempt municipal bonds by way of the Investing in Our Communities Act. 

Advance refunding was knocked out by the TCJA during the first Trump administration.

Members of the Public Finance Network are teaming up to bring the value of munis home to the lawmakers by leaning on research conducted by the University of Chicago that breaks down the impact of municipal bonds per Congressional district. 

According to their numbers, Indiana’s second district, “invested at least $4.1 billion in projects financed by active tax-exempt municipal bonds,” and “district taxpayers saved at least an estimated $86.07 million on sub-state projects financed with tax-exempt municipal bonds since 2002.” 

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While Dave Sanchez, director of the Securities and Exchange Commission’s Office of Municipal Securities has repeatedly expressed concern regarding joint powers authorities, there is no certainty of following enforcement action although that risk always can be heightened in situations where bond issuers are not thoroughly supervised.

“I don’t think it necessarily means that enforcement action is imminent,” said Ed Fierro, who prior to becoming a partner at law firm Bracewell served as senior counsel to a previous director of the SEC’s Office of Municipal Securities. 

While Sanchez’s remarks, given to issuer officials attending Government Finance Officers Association events in recent months, suggest he’s concerned there’s a risk of potential violations of federal securities laws, “his remarks are not the commission’s,” Fierro said, adding that past experience has shown that not every issue highlighted by a director of that office has led to enforcement action. 

While the OMS provides technical assistance relating to enforcement actions, the SEC’s Division of Enforcement decides which actions to bring, he said. 

“I don’t think it’s likely that we’re going to see a bunch of cases come out focused on JPAs, but you know, I could be wrong,” Fierro said. 

JPAs, which are most numerous in California, are formed when two or more public agencies form a new entity to exercise common powers, including participating in the municipal market.

In comments during a debt committee meeting held in January that was part of the GFOAs 2025 Winter Meeting in Washington, D.C., Sanchez expressed concern regarding state and local governments that form JPAs and then fail to exercise sufficient oversight.

Such situations can be problematic because when entities accessing the capital markets aren’t well-managed or supervised, there is the potential for material information to fail to make its way to the investing public as required.

When the process of oversight regarding JPAs isn’t maintained, that’s why “disclosure violations happen,” Sanchez said during the GFOA event, adding that default rates of such entities can be “very highly elevated.” 

“And so, you know, we’re going to always be looking at where the defaults are,” the SEC official said, adding that the potential exists “for people to be found to be lacking in their oversight of these entities that they’ve created.” 

While Sanchez emphasized that government agencies that create JPAs shouldn’t allow them to “run wild,” Larkspur, California, whose city council voted to join a JPA called the California Community Housing Agency (CalCHA)  as a non-charter additional member in 2019, is finding that bringing a JPA to heel can be difficult. 

CalCHA  was created in 2019 by the County of Kings and the Housing Authority of Kings County, CalCHA Chair Doug Verboon said in an email Wednesday. It was created to provide an affordable housing solution for middle-income earners in high-rent areas who would otherwise be forced to commute long distances to work in the communities where they serve in roles such as teachers and police officers, Verboon said. 

“One of the things we’ve learned through this process is that the CalCHA board seems very much separated from the operation of the agency,” Larkspur City Manager Dan Schwarz said in  a recent interview. 

CalCHA’s board “is essentially a county board for a county in a rural part of our state, but all of CalCHA’s operations – all of these buildings – are in very different communities,” Schwarz said. “And there seems to be a disconnect right there on a governance level.” 

In California, it’s common for cities to belong to numerous JPAs, Schwarz said. While Larkspur is a member of “quite a few” JPAs, its experience with CalCHA “is the first time we’ve had this much challenge engaging the governance structure and getting responsiveness,”

In addition, Larkspur isn’t seeing “a high level of engagement by the CalCHA board in the individual projects and their success,” he said. 

Larkspur’s city council decided to join CalCHA as a means to provide middle-income housing, according to an October 31, 2024, letter sent to CalCHA’s board of directors by former Larkspur Mayor Scot Candell on behalf of Larkspur’s city council. 

However, as Larkspur has learned with CalCHA’s Serenity at Larkspur project, what appeared to be a promising solution, can become a project that fails to meet its middle-income housing goals, costs the city property tax revenue and generates big fees for private entities, city documents show. 

“CalCHA’s operation at Serenity is in severe financial distress,” Larkspur’s former mayor said in the letter.  “It is publicly documented on the Electronic Municipal Market Access (EMMA) website that Serenity is in default with respect to the debt service coverage ratio required for its bonds.”

Housing projects acquired by CalCHA receive property tax exemptions in return for providing a public benefit, an ad hoc committee’s November 2024 report said. At its 2019 inception, CalCHA was the first JPA of its type in California. CalCHA’s Serenity apartments purchase was the first such project in Larkspur and CalCHA’s third acquisition in the state, the report said. 

In the months preceding Larkspur City Council’s decision to join CalCHA, council members and staff were briefed mainly by representatives of Catalyst Housing Group, which facilitated Larkspur’s joining of CalCHA, the letter said. 

In 2020, CalCHA acquired Serenity at Larkspur via the issuance of $219.8 million principal value of Series 2020A essential housing revenue bonds, the ad hoc committee report said. It simultaneously issued $6.7 million in Series 2020B subordinate bonds.

“CalCHA issued $6.7 million in subordinate bonds bearing 10% interest per annum to Catalyst,” the report said, adding that “Catalyst did not contribute any money toward the project in exchange for the subordinate bonds.”

In its October 2024 letter, Larkspur’s former mayor said the ad hoc committee had “learned that the continuing provision of middle-income housing to new residents at Serenity might be in jeopardy.” According to the ad hoc committee’s report, CalCHA and Catalyst had proposed a recapitalization plan for Serenity, a critical component of which involved potentially waiving the provision of rent discounts to middle-income tenants in order to increase Serenity cash flows. 

“The Larkspur City Council opposes any proposal that allows the program administrator to pursue market-rate occupants,” the letter said. 

In a Nov. 21, 2024, email, which identified him both as program administrator for CalCHA and an employee of GPM Municipal Advisors, which serves as the municipal advisor to CalCHA, Scott Carper attached a letter signed by CalCHA Chair Verboon in response to Larkspur’s letter. 

“As you may know, the Serenity project is not CalCHA’s only project – we have sponsored 13 other essential workforce housing projects throughout the State,” Verboon said in the November 2024 letter. “Our role in all of the projects is quite simple: CalCHA issues governmental purpose bonds to finance the acquisition and refurbishing effort at its properties, thus lowering the cost of capital and allowing funds to be dedicated to the acquisition and upgrade effort.” 

Verboon added, however, that CalCHA isn’t a property management expert, “nor is it designed to be.” 

“We engage qualified administrators with experience in large-scale residential housing projects – this case, Catalyst Housing Group – that share our desire to provide housing for middle income families,” Verboon’s letter said. 

CalCHA hasn’t agreed to any recapitalization plan, nor had bondholders committed to one, Verboon said in the Nov. 21, 2024 letter, adding that the regulatory agreement that imposes certain tenant qualifications on Serenity residents was still in place. Should it become time to discuss potential amendments to the agreement, the city would be consulted, the letter said.

“Until that time, we respectfully ask the City to withhold any final action as it relates to the City’s participation in CalCHA,” Verboon’s letter said. 

Larkspur City Council’s ad hoc committee on Serenity “continues to engage with stakeholders, which includes representatives of CalCHA, the bondholders, and local government entities,” Schwarz said. 

“No decision has been made at this time about Larkspur’s membership in the JPA,” the Larkspur city manager said. 

Serenity hasn’t been able to generate sufficient cash flows to cover its debt service since 2020, the ad hoc committee’s report said. In addition, “the property has consistently underperformed its annual budgets and pro forma projections,” the report said.

“Despite the significant financial underperformance at Serenity and the property’s struggle to cover senior debt interest expense, Catalyst, CalCHA and CalCHA’s designated agent GPM Advisors continue to receive a total of $375,000 in fees annually,” the report said. “In addition, Catalyst’s Series B Subordinate Bonds continue to accrue 10% interest of $667,500 annually.” 

In his email Wednesday, CalCHA Chair Verboon noted that Serenity at Larkspur was an asset that CalCHA acquired in February 2020, “one month before the entire world was shut down due to the COVID pandemic.”  In addition, the project has encountered “unforeseen maintenance issues as a result of historic winter rains not seen in the area for nearly a decade,” Verboon said. 

COVID-related tenant protections enacted by the state, competitive pressures as well as unexpected maintenance issues “have put a strain on the financial feasibility of the asset,” the CalCHA chair said. 

“Recognizing these challenges and wanting to help with cashflow at the project, CalCHA and GPM have both waived their annual administrative fees as a way to support the project’s recovery,” Verboon said. 

CalCHA isn’t the only JPA provider of middle-income housing in the state, Verboon said, adding that a check of EMMA would show that some others have faced similar challenges with various projects they operate. 

“The issue is not CalCHA or any other JPA – to make such an attribution is irresponsible and ignores the market realities each of the projects was forced to confront,” he said. 

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Tennessee Gov. Bill Lee’s proposed fiscal 2026 budget includes $930 million in bonds in what may be the first of several years of increased state bonding.

The bonds would be general obligation bonds to finance capital projects, said John Dunn, director of communications for the Tennessee comptroller of the Treasury.

“It is the state’s practice to finance its projects with short-term financing until projects are near completion or are complete, so long-term debt would be issued in stages as projects reach completion, which means there could be multiple GO bond transactions issued over a period of time,” Dunn told The Bond Buyer.

Tennessee has sold little state government debt in the last 10 years.

The governor’s staff “testified that the benefits of beginning needed capital projects now outweighed the costs of taking on new debt,” according to The Sycamore Institute’s “Budget in Brief“ study released this week. “The interest costs of borrowing would be a better deal for the state than the effects of rapidly rising construction costs — particularly considering the state’s triple-A credit rating, which typically gives access to the best interest rates.”

Sycamore Institute Deputy Director Mandy Spears said she expected the state’s turn to bonding in the coming fiscal year would likely continue in following years. The state had substantial federal-aid-related reserves in the last few years. With less federal aid expected, the state is likely to turn to bonding to fund capital expenditures, she said.

Dunn said the state expected to issue bonds in the coming years “to meet the timing of the state’s ongoing and future capital needs. For the past several years, the state has been prudent to fund its capital needs with its surplus cash without the need to authorize new debt to fund the capital.”

Spears said the state must continue to fund its highway construction fund with general fund subsidies. Lee is proposing that the GF provide $1 billion to the HCF this coming fiscal year. He is also proposing diverting proceeds from sales taxes on car tires to the HCF from the GF, expecting this will be $80 million per year.

Cars have become more fuel efficient, leading to less fuel taxes feeding the HCF, and the cost of road construction has gone up faster than the overall rate of inflation, Spears said. Highway fund revenue fell by nearly 33% in fiscal 2024 from fiscal 2021 after adjusting for highway construction costs, she said.

The state continues to face a backlog of road projects.

The new school construction fund may face less than adequate funding in the next few years, Spears said.

Lee’s proposed fiscal 2026 all-source budget is 2% lower than fiscal 2025 but his fiscal 2026 general fund budget is 9% higher than fiscal 2025. The state’s rainy-day reserve would cover 31 days of general fund spending in fiscal 2026, six days more than what had prevailed before the Great Recession, Spears said.

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Municipals were a touch firmer in spots Wednesday as U.S. Treasury yields fell further and equities ended mixed.

The two-year municipal to UST ratio Wednesday was at 63%, the five-year at 64%, the 10-year at 68% and the 30-year at 87%, according to Municipal Market Data’s 3 p.m. EST read. ICE Data Services had the two-year at 62%, the five-year at 63%, the 10-year at 66% and the 30-year at 84% at 4 p.m.

The Investment Company Institute reported inflows of $635 million for the week ending Feb. 19, following $336 million of outflows the previous week.

Exchange-traded funds saw inflows of $782 million after $1.385 billion of inflows the week prior, per ICI data.

It has been a bit of a “heavy start” to the year for issuance, said Jeff Devine, a municipal research analyst at GW&K.

Issuers have flocked to the muni market to potentially get ahead of the full, or partial, elimination of the tax exemption, along with the desire to fund long-deferred projects needed to upgrade deteriorating infrastructure, he said.

Inflation is also a factor, especially as construction costs “skyrocket,” he said.

The surge in issuance has been helped by mega deals, including this week’s $1 billion-plus deal from the South Carolina Public Service Authority, and more are already slated for next month.

February offers some stability regarding the supply/demand dynamic, said Jeff Timlin, a managing partner at Sage Advisory.

Then in March and April, there is a dropoff in terms of coupons and maturities coming due relative to the average supply that comes during those months, he said.

On the policy front, the potential elimination of the tax exemption remains front and center, Timlin said.

“It’s not a one-sided argument in terms of what does it cost the federal government in terms of lost revenue. What is the net benefit to society, not just in terms of cost savings?” he said.

The elimination of the tax exemption would lead to increased borrowing costs for municipalities, which “makes them have to raise revenues in other areas, which again can reduce, on a state-by-state basis, consumption because people will be focusing on raising revenues, and lead to higher taxes,” Timlin said.

However, Devine noted the possibility of the tax exemption being eliminated, which comes up in every budget discussion, is pretty low, though he notes it is elevated compared to previous conversations.

“There’s a history of a lot of lawmakers kind of whittling away at it in some respect, but never doing away with that outright,” he said, citing the elimination of advanced refundings in 2017 as a “clear example.”

“Regarding the future of the municipal exemption, press reports indicate that House members are open to using the scoring method preferred by Senate Republicans, which would allow for permanent extensions without needing significant offsets due to reconciliation rules,” said J.P. Morgan strategists.

At the same time, they noted, “proposals like raising the endowment tax rate on universities are looking more likely,” implying that “marginalization of the exemption on certain sectors of the market, such as higher ed, are clearly still at risk.”

In the primary market Wednesday, BofA Securities priced for the New York City Municipal Water Finance Authority (Aa1/AA+/AA+/) an upsized $950 million of water and sewer second general resolution revenue bonds, Fiscal 2025 Series BB, with 5s of 6/2043 at 3.77%, 4s of 2044 at 4.09%, 5.25s of 2050 at 4.12% and 5.25s of 2055 at 4.19%, callable 6/15/2035.

Jefferies priced for Auburn University (Aa2/AA-/NR/NR/) $346.185 million of general fee revenue bonds. The first tranche, $137.825 million of Series 2025A, saw 5s of 6/2026 at 2.62%, 5s of 2030 at 2.77%, 5s of 2035 at 2.98%, 5s of 2040 at 3.36%, 5s of 2045 at 3.93%, 5s of 2050 at 4.13% and 5s of 2055 at 4.14%, callable 6/1/2035.

The second tranche, $208.36 million of Series 2025B, saw 5s of 6/2026 at 2.62%, 5s of 2030 at 2.77%, 5s of 2035 at 2.98%, 5s of 2049 at 3.31% and 5s of 2042 at 3.66%, callable 6/1/2035.

Wells Fargo priced for the Humble Independent School District, Texas, (Aaa/AAA//) $268.425 million of unlimited tax school building and refunding bonds, with 5s of 2/2026 at 2.66%, 5s of 2030 at 2.77%, 5s of 2035 at 2.98%, 5s of 2040 at 3.37%, 5s of 2044 at 3.83%, 5s of 2049 at 4.06% and 4.5s of 2055 at 4.32%, callable 2/15/2035.

In the competitive market, the Springfield Board of Public Utilities, Missouri, sold $275.53 million of certificates of participation to BofA Securities, with 5s of 11/2028 at 2.65%, 5s of 2030 at 2.71%, 5s of 2035 at 3.01%, 5s of 2040 at 3.36%, 4s of 2045 at 4.108% and 4s of 2047 at 4.171%, callable 5/1/2035.

Hoboken, New Jersey, sold $172.019 million of bond anticipation notes to Wells Fargo, with 4s of 3/2026 at 2.73%, noncall.

AAA scales
MMD’s scale was bumped up to two basis points: The one-year was at 2.54% (-2) and 2.56% (-2) in two years. The five-year was at 2.63% (-2), the 10-year at 2.87% (-1) and the 30-year at 3.92% (unch) at 3 p.m.

The ICE AAA yield curve was bumped two to three basis points: 2.58% (-3) in 2026 and 2.54% (-3) in 2027. The five-year was at 2.62% (-3), the 10-year was at 2.86% (-3) and the 30-year was at 3.82% (-2) at 4 p.m.

The S&P Global Market Intelligence municipal curve was bumped up to a basis point: The one-year was at 2.60% (unch) in 2025 and 2.60% (unch) in 2026. The five-year was at 2.66% (-1), the 10-year was at 2.89% (-1) and the 30-year yield was at 3.85% (-1) at 4 p.m.

Bloomberg BVAL was bumped up to a basis points: 2.49% (-1) in 2025 and 2.55% (-1) in 2026. The five-year at 2.63% (-1), the 10-year at 2.87% (-1) and the 30-year at 3.86% (unch) at 4 p.m.

Treasuries were firmer.

The two-year UST was yielding 4.071% (-3), the three-year was at 4.042% (-5), the five-year at 4.076% (-5), the 10-year at 4.25% (-5), the 20-year at 4.553% (-5) and the 30-year at 4.51% (-5) near the close.

Primary to come
The Black Belt Energy Gas District (Baa1/NR/NR/NR/) is set to price $900 million of gas project revenue bonds, 2025 Series B. Goldman Sachs.

The Pennsylvania Turnpike Commission (Aa3///) is set to price Thursday $602.81 million of turnpike revenue bonds. RBC Capital Markets.

The Massachusetts Development Finance Agency (Aa3/AA-/NR/NR/) is set to price Thursday $100 million of Boston University Issue refunding revenue bonds, Series 2025B-2, terms 2048, 2048. Barclays.

Competitive
The Florida Department of Transportation is set to sell $207 million of revenue bonds, at 11 a.m. Thursday.

The post Munis firmer, NYC water deal upsized to $950M appeared first on Investing News.

A Kansas bill would continue an economic development bond program that has fallen short of state goals for two years past its current July 2026 expiration date.  

The measure, which arrived in the House on Tuesday after passing the Senate in a 32-8 vote last week, would keep the sales tax and revenue bond program going until July 1, 2028 and allow STAR bonds to be used to redevelop shopping malls.

Republican State Sen. Stephen Owens, who presented the bill on the Senate floor, said the sunset was changed from July 2030 in the initial version of the bill, which now also prohibits the use of state general fund revenue to pay off STAR bonds and eliminates the ability of a city or county government to exercise eminent domain to acquire property for a STAR bond project.

“While I certainly can understand the concern of any economic development incentive, I think that the best economic development incentives are the ones that do not put state taxpayers and their dollars, their tax dollars, at risk,” he said.

STAR bonds are paid off with local and state sales tax revenue generated by the development. 

The debt program could help finance major projects.

In an effort to lure the National Football League’s Chiefs and Major League Baseball’s Royals from their Kansas City, Missouri, homes, Kansas lawmakers last year passed a measure permitting STAR bonds to cover 70% of the costs of two professional sports stadiums costing $1 billion or more. The move followed the April 2 defeat by Jackson County, Missouri, voters of a sales tax hike to help fund stadium projects.

While neither team has announced a decision, the clock is ticking with the Kansas law due to expire on June 30.

STAR bonds would also be issued for a Mattel toy-themed amusement park in Bonner Spring, Kansas.

Since the program began in the 1990s, 17 STAR bond districts have been created by 13 cities, according to the legislature’s post audit division. The first-ever payment defaults occurred with unrated STAR bonds issued by Overland Park for the 61.5-acre Prairiefire development that includes a museum, retail, offices, and housing. A June disclosure notice said a debt service reserve was tapped for a payment.

A 2021 Kansas legislative audit estimated only three of the 16 bond-financed attractions met the state Commerce Department’s tourism-related program goals for long distance and out-of-state visitors. The audit’s examination of three STAR bond districts, including Prairiefire, determined it would take decades beyond their bonds’ retirement for the state to recoup tax revenue it gave up. 

The post Kansas bill would extend and expand STAR bond program appeared first on Investing News.

Muni yields fell Tuesday, underperforming a U.S. Treasury rally. Equities ended mixed.

Muni yields fell three to eight basis points, while UST yields fell eight to 11 basis points.

The two-year municipal to UST ratio Tuesday was at 63%, the five-year at 64%, the 10-year at 67% and the 30-year at 86%, according to Municipal Market Data’s 3 p.m. EST read. ICE Data Services had the two-year at 61%, the five-year at 62%, the 10-year at 65% and the 30-year at 82% at 4 p.m.

“Another week of disruptive headlines from Washington sent bond yields lower [last week] on what may be just the start of flight-to-safety flows,” said Matt Fabian, a partner at Municipal Market Analytics.

Munis saw some “advantageous marketing as a haven but were driven to higher prices … less by an energized retail, more by a surge of institutional buying average trade size hit a [year-to-date] high,” he said.

“That bid may reflect recently better fund flows, especially by [exchange-traded funds] or a tactical move by some to jump ahead of otherwise modest March reinvestment demand,” he said.

On Monday, investors will receive $10 billion from March 1 principal payments, said Pat Luby, head of municipal strategy at CreditSights.

Texas will see the largest principal amount at $1.3 billion, followed by Missouri at $984 million and California at $828 million, he noted.

Redemptions for the entire month are expected to be $20 billion, he said.

Muni prices continue to “show relative resilience” despite a nearly record pace of issuance, according to Fabian.

Supply for the first nine weeks of the year is at $69 billion, just below the $71 billion in 2020, he said.

“This will be tested in the coming weeks if headline risks continue to rise because of the government funding question, the tax reform question, the debt limit question, the federal governments’ mass layoffs and accelerated shrinkage, and any number of pressing and emerging issues both legal and political,” Fabian said.

That “equities would begin an inconsistent retreat seems a reasonable scenario; same with rising bond yields as this week’s PCE data could validate last week’s poor consumer confidence number,” he said.

And labor readings may underperform, potentially deeply, Fabian said.

“On the other hand, all of the above could help propel fixed income demand, keeping spreads tight in the near term; a longer-term trade up in credit quality and structure is still warranted,” he said.

In the primary market Tuesday, BofA Securities priced for the South Carolina Public Service Authority (A3/A-/A-/) $1.025 billion of bonds. The first tranche, $542 million of tax-exempt improvement Series A bonds, saw 5s of 12/2033 at 3.25%, 5s of 2035 at 3.37%, 5s of 2040 at 3.70%, 5s of 2045 at 4.19%, 5.25s of 2050 at 4.33%, 5s of 2050 at 4.28% (Assured Guaranty-insured), 5s of 2055 at 4.44% and 5s of 2055 at 4.34% (Assured Guaranty-insured), callable 6/1/2035.

The second tranche, $424.985 million of tax-exempt refunding Series B bonds, 5s of 12/2025 at 2.82%, 5s of 2040 at 3.00%,5s of 2035 at 3.37%, 5s of 2039 at 3.63%, 5s of 2045 at 4.19% and 5s of 2048 at 4.31%, callable 6/1/2035.

The third tranche, $58 million of taxable improvement Series C bonds, saw all bonds price at par: 4.57s of 12/2026, 4.73s of 2029, and 5.03s of 2033.

Wells Fargo priced for the Bay Area Toll Authority $341.105 million of San Francisco Bay Area toll bridge revenue bonds. The first tranche, $296.035 million of 2025 Series F-1 (NR/AA/AA/), saw 5s of 4/2026 at 2.38%, 5s of 2030 at 2.38%, 5s of 2035 at 2.66%, 5s of 2040 at 3.12%, 5s of 2045 at 3.66%, 5s of 2048 at 3.80% and 5s of 2053 at 3.91%, callable 4/1/2035.

The second tranche, $45.07 million of 2025 Series SSL-1 (NR/AA-/AA-/), saw 5s of 4/2032 at 2.53% and 5s of 2034 at 2.66%, noncall.

BofA Securities priced for the Missouri Joint Municipal Electric Utility Commission (A2//A/) $200.99 million of Prairie State Project power project revenue refunding bonds, with 5s of 12/2025 at 2.72%, 5s of 2030 at 2.94%, 5s of 2034 at 3.25% and 5s of 2039 at 3.49%, callable 6/1/2035.

In the competitive market, the Fullerton Joint Union High School District, California, (Aa2/AA//) sold $120 million of Election of 2024 GOs, Series A, to BofA Securities, with 8s of 8/2026 at 2.25%, 5s of 2030 at 2.34%, 5s of 2035 at 2.63%, 5s of 2040 at 3.04%, 4s of 2045 at 3.80%, 4s of 2051 at par and 4s of 2054 at 4.04%, callable 8/1/2034.

Maury County, Tennessee, (Aa2///) sold $100 million of GOs to BofA Securities, with 5s of 4/2026 at 2.65%, 5s of 2030 at 2.75%, 4s of 2035 at 3.30%, 4s of 2040 at 3.70% and 4s of 2045 at 4.12%, callable 4/1/2032.

Washoe County School District, Nevada, (Aa2/AA//) sold $100 million of limited tax GO school improvement bonds to Truist, with 5s of 10/2026 at 2.65%, 5s of 2030 at 2.78%, 5s of 2035 at 3.09%, 5s of 2040 at 3.43%, 4s of 2045 at 4.07%, 4s of 2049 at 4.20% and 4s of 2054 at 4.25%, callable 4/1/2035.

AAA scales
MMD’s scale was bumped four to eight basis points: The one-year was at 2.56% (-4) and 2.58% (-4) in two years. The five-year was at 2.65% (-4), the 10-year at 2.88% (-8) and the 30-year at 3.92% (-5) at 3 p.m.

The ICE AAA yield curve was bumped five to six basis points: 2.61% (-5) in 2026 and 2.56% (-6) in 2027. The five-year was at 2.65% (-6), the 10-year was at 2.88% (-6) and the 30-year was at 3.84% (-5) at 4 p.m.

The S&P Global Market Intelligence municipal curve was bumped three to six basis points: The one-year was at 2.60% (-3) in 2025 and 2.60% (-3) in 2026. The five-year was at 2.67% (-5), the 10-year was at 2.90% (-6) and the 30-year yield was at 3.86% (-6) at 4 p.m.

Bloomberg BVAL was bumped five to seven basis points: 2.50% (-5) in 2025 and 2.56% (-5) in 2026. The five-year at 2.64% (-6), the 10-year at 2.88% (-7) and the 30-year at 3.86% (-6) at 4 p.m.

Treasuries were firmer.

The two-year UST was yielding 4.095% (-8), the three-year was at 4.085% (-9), the five-year at 4.125% (-11), the 10-year at 4.29% (-11), the 20-year at 4.586% (-10) and the 30-year at 4.543% (-11) near the close.

Primary to come
The Black Belt Energy Gas District (Baa1/NR/NR/NR/) is set to price $900 million of gas project revenue bonds, 2025 Series B. Goldman Sachs.

The Pennsylvania Turnpike Commission (Aa3///) is set to price Thursday $602.81 million of turnpike revenue bonds. RBC Capital Markets.

The New York City Municipal Water Finance Authority (Aa1/AA+/AA+/) is set to price Wednesday $600 million of water and sewer second general resolution revenue bonds, Fiscal 2025 Series BB, serials 2043-2044, 2048, 2050, 2052-2053, 2055. BofA Securities.

Auburn University (Aa2/AA-/NR/NR/) is set to price Wednesday $333.435 million of general fee revenue bonds, consisting of $139.715 million of Series 2025A and $193.72 million of Series 2025B. Jefferies.

The Idaho Housing and Finance Association (Aaa/AA+/NR/NR/) is set to price Wednesday $318.015 transportation expansion and congestion mitigation fund sales tax revenue bonds, Series 2025A, serials 2026-2045, 2050, term 2049. BofA Securities.

The Carroll City-County Hospital Authority, Georgia, (Aa2/AA//) is set to price Wednesday $175.72 million of Tanner Medical Center project refunding revenue anticipation certificates, serials 2026-2045, terms 2050, 2055. Raymond James.

The Board of Governors of the Colorado State University System is set to price Wednesday $108.74 million of non-rated system enterprise revenue and revenue refunding bonds, Series 2025B, term 2055. Morgan Stanley.

The Massachusetts Development Finance Agency (Aa3/AA-/NR/NR/) is set to price Thursday $100 million of Boston University Issue refunding revenue bonds, Series 2025B-2, terms 2048, 2048. Barclays.

The Industrial Development Authority of the city of Phoenix and Industrial Development Authority of the county of Maricopa (Aa1///) is set to price Wednesday $100 million of non-AMT single-family mortgage revenue bonds, 2025 Series, serials 2027-2037, terms 2040, 2045, 2050, 2055, 2056. Stifel.

Competitive
The Virginia Public Building Authority (Aa1/AA+/AA+/) is set to sell $324.06 million of public facilities revenue bonds, Series 2025A, at 10:45 a.m. Wednesday.

The Springfield Board of Public Utilities, Missouri, is set to sell $275.53 million of certificates of participation at noon Wednesday.

Hoboken, New Jersey, is set to sell $172.019 million of bond anticipation notes at 11 a.m. Wednesday.

The post Muni yields fall, underperforming UST rally appeared first on Investing News.

Puerto Rico Electric Power Authority bondholders opposed to the Oversight Board’s proposed restructuring filed a motion to lift the bankruptcy’s litigation stay, which could lead to their appointing a receiver for PREPA.

“The Fifth Amendment and [Puerto Rico Oversight, Management and Economic Stability Act] do not permit secured creditors to remain handcuffed, without a hearing, while their collateral disappears,” the bondholders told U.S. District Court Judge Laura Taylor Swain.

In the aftermath of the First Circuit Court of Appeal’s decision in favor of the bondholders’ lien on net revenues this past year, continuation of the stay order is impermissible, they said. The court is required to lift the bankruptcy’s current stay on litigation given the bondholders lack of “adequate protection” on their lien rights, according to the bondholders.

The bondholders suggested they could petition a local Puerto Rico court to allow them to appoint a receiver for the authority who would be a “better steward of PREPA for the people of Puerto Rico,” if the stay were to be lifted, they told Swain.

The bondholders said a legal balance of harms consideration favors relief from the stay. The stay’s original rationales are no longer valid, they argued. The bankruptcy has dragged on for more than 7 1/2 years, which they said is unreasonable.

The bondholders said the court should dismiss the current bankruptcy altogether because the board has failed to propose and confirm a plan of adjustment.

The board has created a new fiscal plan with an unreasonable position that PREPA has no net revenues, the bondholders said. The plan says PREPA will have four times more expenses than the board’s last PREPA fiscal plan projected, they claim. The recently approved plan “diverts tens of billions of dollars of future net revenues that comprise the bondholders’ collateral to pay expenses that clearly do not constitute current expenses.”

The board has made resolution “effectively impossible by unilaterally ginning up a new fiscal plan that eliminates all debt capacity,” the bondholders said.

They also said they want the stay lifted to allow them to litigate their accounting counterclaim in an adversary proceeding, something the First Circuit explicitly ruled they could do. This would allow them to challenge the plan’s estimate of PREPA expenses, for example.

The board, through a spokesman, said it was reviewing the bondholders’ motion and would respond to it in court.

The board made clear last week that it is not planning to significantly change its offer to the bondholders in an opinion piece ran in the El Vocero website. Board Executive Director Robert Mujica Jr. said the board is willing to compromise but “a group of bondholders led by hedge funds continue[s] to demand more than the people of Puerto Rico can reasonably pay.”

Some investors bought PREPA’s debt after the bankruptcy filing in July 2017 when it was distressed. “Now, as the people of Puerto Rico suffer from the effects of a rapidly deteriorating power infrastructure and as PREPA needs resources to repair the energy system to the level that the people deserve and pay for, several of those investors insist that the people of Puerto Rico bail them out,” Mujica said.

In other PREPA bankruptcy news, Swain ruled the bondholders will be able to challenge the board’s and local government’s professional fees until 14 days after the court lifts the litigation stay.

The post PREPA bondholders file motion to lift litigation stay appeared first on Investing News.

Municipals were slightly firmer in spots Monday as U.S. Treasury yields fell and equities ended mixed.

“Munis have been slow and steady (steady may be a stretch) for the first couple of months of the year,” said Daryl Clements, a portfolio manager at AllianceBernstein.

Munis returned 0.51% in January and 0.38% in February month-to-date, he noted.

“The supply and demand backdrop has been favorable, with $7 billion of inflows into mutual funds and exchange-traded funds — an indication of strong muni demand,” Clements said.

Around 60% of demand has gone into longer-duration strategies, while 40% has gone into higher-yielding strategies, showing investors are apparently more willing to take on a bit more risk, he said.

Last week, “there was no meaningful economic data to digest and yields were slightly lower,” Clements said.

Yields were bumped slightly on the front end but remained largely unchanged on the long end, said Jason Wong, vice president of municipals at AmeriVet Securities.

With yields unchanged for the most part, munis are seeing gains of 0.38% so far this month and year-to-date returns of 0.89%, he said.

“With the continued volatility in the rates markets, munis continue to outperform Treasuries as the muni-to-Treasury continue to fall in the 2-10 range and have lowered by roughly 0.5% percentage points while ratios in the long end have dipped lower by 0.8 percentage points over the past week,” Wong said.

The two-year municipal to UST ratio Monday was at 63%, the five-year at 63%, the 10-year at 67% and the 30-year at 85%, according to Municipal Market Data’s 3 p.m. EST read. ICE Data Services had the two-year at 62%, the five-year at 63%, the 10-year at 66% and the 30-year at 83% at 4 p.m.

This will be a busy week in the primary market with $7.5 billion on the calendar, including “Santee Cooper, NYC Water, several college and university deals and two fairly large non-rated deals,” said Pat Luby, head of municipal strategy at CreditSights.

However, this amount is “relatively average” for this time of year, Clements said.

With March 1 coupon payments “around the corner,” next week’s calendar should be well-digested, he noted.

On tap for next week are at least two mega deals, including New York City with $1.5 billion of GOs and the Regents of the University of California with $1.4 billion of tax-exempt general revenue bonds.

Sizable deals already scheduled for the week of March 10 include the New York City Transitional Finance Authority with $1.5 billion of future tax-secured bonds, California with $825 million of taxable GO and taxable GO refunding bonds and $725 million of Build Illinois sales tax bonds.

The week of March 17 sees several more large deals, including the Dormitory Authority of the State of New York with $2.3 billion of personal income tax revenue bonds, the N.Y. Metropolitan Transportation Authority with $700 million of transportation revenue refunding green bonds and New York State with $500 million of GOs.

AAA scales
MMD’s scale was bumped up to two basis points: The one-year was at 2.60% (-2) and 2.62% (-2) in two years. The five-year was at 2.69% (-2), the 10-year at 2.96% (unch) and the 30-year at 3.97% (unch) at 3 p.m.

The ICE AAA yield curve was bumped up to a basis point: 2.67% (-1) in 2026 and 2.62% (-1) in 2027. The five-year was at 2.71% (-1), the 10-year was at 2.95% (-1) and the 30-year was at 3.89% (unch) at 4 p.m.

The S&P Global Market Intelligence municipal curve saw small bumps: The one-year was at 2.63% (-2) in 2025 and 2.63% (-3) in 2026. The five-year was at 2.72% (-3), the 10-year was at 2.96% (-2) and the 30-year yield was at 3.91% (-2) at 4 p.m.

Bloomberg BVAL was bumped up to a basis point: 2.55% (-1) in 2025 and 2.61% (-1) in 2026. The five-year at 2.70% (-1), the 10-year at 2.95% (-1) and the 30-year at 3.92% (unch) at 4 p.m.

Treasuries were firmer.

The two-year UST was yielding 4.2% (-3), the three-year was at 4.169% (-4), the five-year at 4.229% (-4), the 10-year at 4.394% (-4), the 20-year at 4.684% (-3) and the 30-year at 4.652% (-3) near the close.

Primary to come
The Black Belt Energy Gas District (Baa1/NR/NR/NR/) is set to price $900 million of gas project revenue bonds, 2025 Series B. Goldman Sachs.

The South Carolina Public Service Authority (/A-//) is set to price Tuesday $650 million of revenue bonds. BofA Securities.

The Pennsylvania Turnpike Commission (Aa3///) is set to price Thursday $602.81 million of turnpike revenue bonds. RBC Capital Markets.

The New York City Municipal Water Finance Authority (Aa1/AA+/AA+/) is set to price Wednesday $600 million of water and sewer second general resolution revenue bonds, Fiscal 2025 Series BB, serials 2043-2044, 2048, 2050, 2052-2053, 2055. BofA Securities.

The Bay Area Toll Authority is set to price Tuesday $379.08 million of San Francisco Bay Area toll bridge revenue bonds, consisting of $279.08 million of 2025 Series F-1 (NR/AA/AA/) and $100 million of 2025 Series SSL-1 (NR/AA-/AA-/). Wells Fargo.

Auburn University (Aa2/AA-/NR/NR/) is set to price Wednesday $333.435 million of general fee revenue bonds, consisting of $139.715 million of Series 2025A and $193.72 million of Series 2025B. Jefferies.

The Idaho Housing and Finance Association (Aaa/AA+/NR/NR/) is set to price Wednesday $318.015 transportation expansion and congestion mitigation fund sales tax revenue bonds, Series 2025A, serials 2026-2045, 2050, term 2049. BofA Securities.

The Idaho Housing and Finance Association (Aa1///) is set to price Tuesday $250 million of taxable single-family mortgage bonds, 2025 Series A, serials 2025-2037, terms 2040, 2045, 2049, 2065. RBC Capital Markets.

The Monmouth County Improvement Authority, New Jersey, is set to price Tuesday $237.071 million of non-rated governmental pooled loan project notes, serial 2026. Raymond James.

The Missouri Joint Municipal Electric Utility Commission’s (A2//A/) is set to price Tuesday $200 million of Prairie State Project power project revenue refunding bonds. BofA Securities.

The Carroll City-County Hospital Authority, Georgia, (Aa2/AA//) is set to price Wednesday $175.72 million of Tanner Medical Center project refunding revenue anticipation certificates, serials 2026-2045, terms 2050, 2055. Raymond James.

The Board of Governors of the Colorado State University System is set to price Wednesday $108.74 million of non-rated system enterprise revenue and revenue refunding bonds, Series 2025B, term 2055. Morgan Stanley.

The Massachusetts Development Finance Agency (Aa3/AA-/NR/NR/) is set to price Thursday $100 million of Boston University Issue refunding revenue bonds, Series 2025B-2, terms 2048, 2048. Barclays.

The Industrial Development Authority of the city of Phoenix and Industrial Development Authority of the county of Maricopa (Aa1///) is set to price Wednesday $100 million of non-AMT single-family mortgage revenue bonds, 2025 Series, serials 2027-2037, terms 2040, 2045, 2050, 2055, 2056. Stifel.

Competitive
Oyster Bay, New York, is set to sell $178.275 million of water district notes at 10:45 a.m. eastern Tuesday.

The Fullerton Joint Union High School District, California, (Aa2/AA//) is set to sell $120 million of Election of 2024 GOs, Series A, at noon Tuesday.

Washoe County School District, Nevada, (Aa2/AA//) is set to sell $100 of limited tax GO school improvement bonds at 11:30 a.m. Tuesday.

Maury County, Tennesee, (Aa2///) is set to sell $100 of GOs at 10:30 a.m. Tuesday.

The Virginia Public Building Authority (Aa1/AA+/AA+/) is set to sell $324.06 million of public facilities revenue bonds, Series 2025A, at 10:45 a.m. Wednesday.

The Springfield Board of Public Utilities, Missouri, is set to sell $275.53 million of certificates of participation at noon Wednesday.

Hoboken, New Jersey, is set to sell $172.019 million of bond anticipation notes at 11 a.m. Wednesday.

The post Munis firmer in spots but relatively steadiness continues appeared first on Investing News.