Municipal issuance surged 31.7% in the first quarter of 2024, rising to $98.245 billion from $74.625 billion in the first quarter of 2023. The increased par amount was achieved in 1,607 deals in Q1 2024, up from 1,397 in Q1 2023, according to LSEG data.
BofA Securities remained at the top of the list, with $14.260 billion, accounting for 14.5% of the market. The top 10 saw some shuffling, but no new entrants cracked it.
Municipals are seeing losses of 1.82% in December, which has dragged down overall gains to just 0.68% for 2024, per the Bloomberg Municipal Index.
Silver Point says it has done nothing wrong, and has retained prominent legal figures for its defense.
The bank's termination of its membership in the Net-Zero Banking Alliance ended a state review that could have led to a ban for governmental contracts.
The San Diego County-based hospital system's financial woes were dire enough to earn junk ratings from Fitch Ratings, Moody's Ratings and S&P Global Ratings earlier this year. Fitch further downgraded the already junk ratings on Wednesday.
Bond issuers are establishing common reserve funds to spur economic growth while also generating income, but risk is involved.
The Trump administration may cut the Affordable Care Act and Medicaid, which threatens to land on a hospital sector still recovering from the COVID-19 pandemic.
