Southwest

Private company Texas Central has pivoted to public funding to support its stalled high-speed rail project.

The bonds are part of an $814 million infrastructure funding package that includes an extension of a 0.95% sales tax also approved by voters.

While acknowledging disputed allegations of mismanagement and infractions on the part of venue owner Legacy Cares, the judge denied a motion by the U.S. trustee in the Chapter 11 bankruptcy to appoint an independent trustee or dismiss the case.

Extending the tax, which expires at the end of 2025, would raise billions of dollars for transportation projects in the nation's fourth-largest county.

Wells Fargo is the latest investment bank to undergo a Texas Attorney General review of its compliance with a 2021 law.

The turnpike authority will now seek reapproval from the Oklahoma Council of Bond Oversight before it can head to the municipal bond market.

J.P. Morgan held a one-day retail order for $1.65 billion of revenue bonds from the Dormitory Authority of the State of New York, while Minnesota sold $1.02 billion of GOs in the competitive market in five deals.

July's total volume was $25.939 billion in 542 issues, down from $28.258 billion in 619 issues a year earlier, the smallest percentage drop in monthly issuance year-over-year in 2023, according to Refinitiv data.

The state-created agency has a plan to finally tap hitherto unused proceeds from a 2021 bond issue.

For the coming week, investors will be greeted with a larger new-issue calendar led by large New York and Texas ISD issuers, along with gilt-edged Minnesota selling competitively.