Spreads at 115 to 120 bps would make the paper “very attractive, particularly compared to state GOs. The bond security, including both state aid and a GO pledge, is strong…
Forward delivery bonds saw an uptick in 2021, largely as another alternative to tax-exempt advance refundings. CreditSights said forward delivery bonds hit $16 billion in 2021, more than double the $6.7 billion…
CreditSights Senior Municipal Strategist Patrick Luby said that a generation ago, when the bond market was in a multi-decade rally as yields came down, there was a general perception that investing…
The PMT bonds are an overall positive for the MTA because they are lowering interest costs,” said John Ceffalio, senior municipal research analyst at CreditSights, in his overview of the…
“They are deferring interest and if they are deferring interest how are they not slowing amortization?” said CreditSights’ John Ceffalio, senior municipal research analyst. “It sounds like a form of scoop-and-toss,”…
CreditSights in a Friday report described BATA as a strong credit due to its large, seven-bridge system in the affluent San Francisco Bay Area. “BATA recently completed a large capital plan,…
Many analysts predict total issuance will fall short of last year’s $484-billion-plus record as December’s volume, which while it could surprise to the upside with some large deals scheduled, the…
“Everything I see rated A-plus and above is thriving,” said Pat Luby, a municipal strategist at CreditSights during a virtual webinar. “These institutions have huge endowments … These are worldwide brands. They…
“I would not be surprised to see an uptick in taxable issuance,” said Patrick Luby, senior municipal strategist at CreditSights.
“Given current demographic trends, we suspect muni investors will want to dig deeper on a school borrowing to add nearly 2,500 new dorm rooms,” John P. Ceffalio, senior municipal research…