Munichain News

Disclaimer: The views expressed here are my own and do not necessarily represent the views of Munichain, its partners, or its clients. In 2016, a muni trader told me electronic muni trading was a lost cause. That call didn’t age well. For years, the municipal bond market’s primary issuance process has leaned heavily on habit

For large broker-dealers, banks, and MA’s, the instinct to build proprietary technology runs deep. With significant resources and in-house development teams, creating an internal system for municipal bond formation might seem like the right move. But is it? Building a platform from scratch — or even maintaining and upgrading an existing one — comes with

Minnesota issued $1.6 billion in bonds to finance a series of capital improvements across the state. Minnesota sold the bonds in five series. All are general obligations of the state, backed by its full faith and credit. The securities received a rating of AAA from Fitch Ratings, Aaa from Moody’s Investors Service, and AAA from

Alaska sold $190.4 million in bonds to refund previously issued securities.  The state sold $107.5 million in forward-delivery Series 2025A bonds and $82.9 million in Series 2024B bonds. The 2025A bonds, which are scheduled to be delivered in May of next year, mature between 2026 and 2035, yielding between 3.05% and 3.25%. The 2024B bonds

The Detroit, Michigan, Regional Convention Authority sold $109.2 million in bonds to refund previously issued securities.  The bonds mature between 2025 and 2039, yielding between 3.05% and 3.48%. They pay interest at 5%. The securities received a rating of AA- from Fitch Ratings and A+ from S&P Global Ratings. The rating “reflects the substantial coverage

The Florida Development Finance Corporation (FDC) remarketed $985 million in bonds to finance a passenger rail project in the southern part of the state. The bonds mature in 2057 and pay interest at a term rate of 8.25%. They carry a mandatory tender date in February 2025.  FDC will loan the bond proceeds to Brightline

The Central Florida Expressway Authority (CFX) sold $361 million in bonds to finance improvements to road infrastructure in the center of the Sunshine State. The authority issued $145.4 million in Series A bonds and $215.6 million in Series B bonds. The Series A bonds mature between 2025 and 2054, yielding between 2.94% and 4.06%. The

The Vermont Bond Bank sold $48.5 million in bonds to finance loans to 11 local governmental units in the state. The bonds mature between 2025 and 2054, yielding between 2.8% and 4.175%. They received a rating of Aa2 from Moody’s Investors Service and AA+ from S&P Global Ratings. “The rating reflects our view of the

Glendale, California, issued $166.7 million in bonds to finance the development of two renewable power projects. The bonds mature between 2025 and 2054, yielding between 2.58% and 3.73%. They pay interest at 5%. The securities received a rating of A+ from Fitch Ratings and A+ from S&P Global Ratings. Glendale Water and Power (GWP), the

The Mississippi Development Bank sold $42.5 million in bonds to finance upgrades to a public community college outside of Jackson, the state capital. The bonds mature between 2025 and 2049, yielding between 3.16% and 4.18%. They received an insured rating of AA from S&P Global Ratings, which assigned an underlying rating of AA- and a

The Long Island Power Authority (LIPA) issued $1 billion in bonds to finance capital improvements and refund previously issued securities.  The authority sold the bonds in two series. The Series 2024A bonds, consisting of $717 million, mature between 2025 and 2054, yielding between 2.6% and 3.73%. The Series 2024B bonds, consisting of $$288.5 million, mature

Georgia’s Fayette County Development Authority sold $200 million in bonds to finance a new headquarters for the U.S. Soccer Federation.  The bonds mature between 2026 and 2054, yielding between 3.38% and 4.26%. They received a rating of BBB from Fitch Ratings. The authority will loan the bond proceeds to U.S. Soccer, while will use them

The Port of Portland, Oregon, issued $589.9 million in bonds to finance upgrades to Portland International Airport (PDX). The port sold the bonds in two series. The Series Thirty A bonds, consisting of $518.3 million, mature between 2029 and 2054, yielding between 3.49% and 4.35%. The Series Thirty B bonds, consisting of $71.6 million, mature

A school distinct in the southeast exurbs of Dallas sold $98.8 million in bonds to finance improvements to its facilities. The bonds mature between 2028 and 2054, yielding between 2.98% and 4.35%. They received an enhanced rating of AAA from S&P Global Ratings, which assigned an underlying rating of A+. Kaufman Independent School District will

King County, Washington, issued $392.6 million in bonds to finance improvements to its sewer system. The bonds mature between 2025 and 2055, yielding between 2.85% and 3.91%. They received a rating of Aa1 from Moody’s Investors Service and AA+ from S&P Global Ratings. The rating reflects the county sewer system’s large service territory and “incorporates

Lakeland, Florida, sold $137.5 million in bonds to refund bonds that it sold on behalf of a nearby hospital almost a decade ago. The bonds mature between 2036 and 2045, yielding between 3.51% and 4.02%. They pay interest at 5%. The securities received a rating of Aa2 from Moody’s Investors Service. Lakeland will loan the

A hospital network based in Hackensack, New Jersey, issued $400 million in taxable commercial paper notes to finance general corporate needs. The notes, sold by Hackensack Meridian Health (HMH), mature within nine months. They received a rating of F1+ from Fitch Ratings and A-1+ from S&P Global Ratings.  HMH’s revenue grew rapidly last year. It

The Minneapolis-St. Paul Metropolitan Airports Commission sold $671.1 million in bonds to finance capital improvements at one of the largest airports in the Midwest.  The commission sold $206 million in non-AMT bonds and $465.1 million in AMT bonds. The non-AMT bonds mature between 2052 and 2054, yielding between 4.08% and 4.28%. The AMT bonds mature

The Minnesota Housing Finance Agency issued $225 million in bonds to finance affordable housing initiatives. The agency sold $150 million in taxable bonds and $75 million in tax-exempt term bonds. The taxable bonds mature between 2025 and 2055, paying interest at rates between 4.468% and 5.958%. The tax-exempt bonds mature in 2055 and bear interest

The Industrial Development Authority of Fairfax County, Virginia, issued $368.2 million in bonds to finance improvements to hospitals in the area. The bonds mature between 2032 and 2054, yielding between 3.12% and 4.31%. They received a rating of Aa2 from Moody’s Investors Service and AA+ from S&P Global Ratings. The authority will loan the bond

The Black Belt Energy Gas District, a municipally-owned energy supplier based in southern Alabama, issued $638.7 million in bonds to finance the purchase of a long-term supply of natural gas that it will sell to the city of San Antonio, Texas. The bonds mature between 2025 and 2055, yielding between 3.82% and 3.94%. They carry

The Virginia Resources Authority issued $175.1 million in bonds to finance an initiative that supports statewide capital improvements. The authority sold $121.5 million in infrastructure revenue bonds and $53.6 million in moral obligation revenue bonds. The infrastructure revenue bonds mature between 2024 and 2054, yielding between 2.81% and 4.175%. The moral obligation revenue bonds also

New York, New York, sold $1.1 billion in bonds to refund previously issued securities. The city issued $1.08 billion in Series A bonds and $24.3 million in Series B bonds. The Series A bonds mature between 2025 and 2038, yielding between 2.98% and 3.3%. The Series B bonds mature between 2025 and 2029, yielding between

The Maryland Health and Higher Educational Facilities Authority issued $40.2 million in bonds to finance capital improvements at an art school in Baltimore and refund previously issued securities. The bonds mature between 2026 and 2047, yielding between 3.86% and 4.66%. They received a rating of BBB+ from Fitch Ratings, which assigned a negative outlook. The

North Dakota’s State Board of Higher Education issued $30 million in bonds to finance the construction of a new athletic center at a public college in its capital city. The bonds mature between 2027 and 2054, yielding between 3.18% and 4.23%. They received an underlying rating of A from S&P Global Ratings, which assigned an

Miami-Dade County, Florida, issued $918.2 million in bonds to refund previously issued aviation bonds. The county sold $779.7 million in taxable bonds and $138.5 million in tax-exempt bonds. The taxable bonds mature between 2027 and 2036, yielding between 3.65% and 3.9%. The tax-exempt bonds mature between 2025 and 2037, yielding between 2.96% and 3.25%. All

The South Carolina Public Service Authority, also known as Santee Cooper, sold $1.31 billion in bonds to finance a capital improvement program that will make the state’s power supply more renewable. The authority issued $1.24 billion in tax-exempt bonds and $73 million in taxable bonds. The tax-exempt bonds, which the authority sold in two series,

Connecticut sold $214.2 million in bonds to refund previously issued securities. The bonds mature between 2025 and 2034, yielding between 2.83% and 2.93%. They pay interest at 5%. The securities received a rating of AA- from Fitch Ratings, AA+ from Kroll Bond Rating Agency, Aa3 from Moody’s Investors Service, and AA- from S&P Global Ratings.

The Public Utilities Commission of the City and County of San Francisco, California, (SFPUC) issued $1.14 billion in bonds to finance sustainable capital projects for its wastewater system. The commission sold $624.6 million in tax-exempt bonds and $518.4 million in federally taxable bonds. The tax-exempt bonds mature between 2027 and 2054, yielding between 2.69% and

Detroit, Michigan, sold $46.3 million in bonds to finance capital improvements. The bonds mature between 2025 and 2039, yielding between 3.3% and 3.8%. They pay interest at 5%. The securities received a rating of Baa2 from Moody’s Investors Service and BBB from S&P Global Ratings. “The issuer rating is Baa2 because the city’s economic and