The Bond Buyer

Proceeds from the P3 would supplement $260 million of general obligation bonds county voters approved in June 2022 to fund a new jail.

Today’s top stories include: Brightline’s Innovative Finance winner; PREPA bondholders win; Active muni ETFs gain traction; Congestion pricing gets starting date; P3 sought for Oklahoma jail; and jockeying begins for finance panels in Congress. #municipalbonds #muniland #dealoftheyear

"By getting congestion pricing underway and fully supporting the MTA capital plan, we'll unclog our streets, reduce pollution and deliver better public transit for millions of New Yorkers," Hochul said at a press conference.

This month is experiencing similar volatility as 2016 when generic yields traded higher by 50 to 70 basis points during November of that year, said Kim Olsan, a senior fixed income portfolio manager at NewSquare Capital. "The current continual UST trade up in yield could begin to impact muni flows based on declining relative values, especially between 2026 and 2032 where 3.00%-handles are absent," she said.

The number of active ETFs launched has grown significantly this year, with 20 new funds year-to-date, including four from Goldman Sachs. This compares with the four passive ETFs created so far in 2024, according to Morningstar Direct data.

The winner in the Innovative Financing category of The Bond Buyer's Deal of the Year awards, Brightline's $3.2 billion financing marks the largest private-activity bond issuance and first investment-grade bond deal for American intercity rail.

RBC Capital Markets ranked No. 1 with $3.75 billion, followed by J.P. Morgan Securities with $3.24 billion and BofA Securities with $2.98 billion.

The company has since, after removing most of the covenants, sold on many of the bonds it bought back in February.

"On top of the fine, Mejia was suspended from associating with any FINRA member firm in all capacities for eight months.

The election is over and Donald Trump won, with the GOP controlling the Senate and maybe the House. Trump discussed various items related to the Federal Reserve and its independence during his campaign and stated he would not nominate Jerome Powell for another term as chair. Join us on Nov. 15 at 2 p.m., Eastern, as Gennadiy Goldberg, head of U.S. rates strategy at TD Securities, discusses what a Trump presidency may mean for the Fed.