Southwest

As double-digit revenue growth comes to an end, Southwest governors are crafting budgets to deal with the new normal.

A 2023 state law gave legislative leaders four appointments to the six-member turnpike board as lawmakers sought to reform the agency in the wake of a controversial, bond-financed expansion project.

The negative outlook on the Phoenix-based university's Ba1 rating is due in part to its battle with federal regulators, including the U.S. Department of Education, which it sued in 2021.

Red state-blue state battles have complicated ESG issuance even as the muni market strives to make it an accepted asset class. The Bond Buyer's Lynne Funk, Karen Pierog, Chip Barnett and Keeley Webster discuss how it's playing out nationally and regionally.

Office sectors in some Southwest cities, including Houston, are stressed due to elevated vacancy rates that may lower assessed values and property tax revenue.

Half of the top 10 issuers were new entrants: the California Community Choice Finance Authority, Main Street Natural Gas, the state of Washington, the Texas Natural Gas Securitization Finance Corp. and Illinois.

Despite the outperformance this week, and while the asset class had "a stellar December, which rounded out a very solid year," Barclays PLC strategists said the high-grade muni market has become "quite rich."

Bonds used to buy eight senior living properties in Michigan and Ohio are likely to default within six months, S&P Global Ratings said.

The cost of empowerment scholarship accounts, which became universally available in 2022, has exceeded projections and raised concerns about how money is spent.

The muni market saw $379.992 billion of debt issued in 2023, only $11.076 billion less than the lackluster $391.068 billion seen in 2022.