The bond insurance industry experienced a significant increase in the first quarter of 2024, with the two top municipal bond insurers expanding their market share. According to LSEG data, municipal bond insurance grew by 24.4% year-over-year, with a total of $7.132 billion in deals wrapped in the first quarter of 2024. This marked a substantial
Bonds
In a recent announcement, the Dormitory Authority of the State of New York (DASNY) revealed that Robert J. Rodriguez has been appointed as the acting president and chief executive officer. Rodriguez, who currently serves as New York’s Secretary of State, is set to assume his new role on May 8. This appointment comes as part
Florida’s Brightline passenger train is making waves in the high-yield municipal market as it gears up for its investment grade market debut with a $2 billion deal. This marks a significant step in the company’s efforts to overhaul its debt load and increase investor interest in its operations. The upcoming $2 billion investment-grade deal by
Miami-Dade County Mayor Daniella Levine Cava recently announced the decision to scrap the proposed $2.5 billion municipal bond referendum in favor of a more comprehensive plan that includes funding for transit projects. The original bond referendum, known as “305 Future Ready,” was intended to finance infrastructure projects such as affordable housing, flood prevention, and resilient
Amid rising inflation and soaring building costs, the Kentucky Legislature has taken a proactive step to assist local schools across the state by passing a bill that permits districts to directly issue general obligation bonds. This move comes as a response to the unprecedented infrastructure challenges faced by public schools due to construction inflation, which
During the latest meeting of the North Carolina Local Government Commission, over $1 billion in financing requests from state agencies and local governments were approved. One of the largest requests came from the North Carolina Housing Finance Agency, who was granted approval to issue $750 million in revenue bonds. This funding is intended to increase
The month of March saw a significant increase in issuance volume for the third consecutive month. This rise was largely attributed to a surge in refundings and the occurrence of several billion-dollar deals. The increase in demand and the absence of major economic headwinds contributed to greater issuer confidence. The overall volume in March grew
As tax season unfolds, the municipal bond market is encountering challenges and facing selling pressure. This phenomenon is attributed to investors shifting away from short-term investments to cover their tax obligations. Despite the current underperformance of the muni market, it is still considered a viable option for investors, and the overall demand is anticipated to
The municipal bond market experienced a mixed day on Wednesday, with noticeable selling pressure on the short end. This pressure was a result of few substantial deals being priced in the primary market, and the absorption of balances from the previous day’s significant new-issues. Despite this weakness in the market, municipal bonds have generally held
In the field of public finance, the presence of women has historically been limited, but there are signs of progress on the horizon. Samantha Costanzo, a former Citi banker, was recently appointed as the head of public finance at Huntington National Bank, making her the fourth woman to hold such a position in the municipal