Amid debt ceiling debate, Treasury leaves SLGS window open — for now

The Treasury Department this week will begin taking measures to avert a U.S. default, but, in an unusual move, will not suspend the sale of State and Local Government Series securities, the measure most closely watched by the municipal market. Halting the sale of new SLGS, also known as closing the SLGS window, is typically one of several extraordinary measures taken by Treasury to avoid breaching the debt ceiling. The recent decision not to close the window is "not standard practice," Treasury noted on its website. "As of right now, business will continue as normal."

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Michigan's projected surplus swelled to more than $9 billion in a new revenue forecast, giving the state a healthy cushion to cut taxes and lift at least one-time spending while managing economic clouds ahead, state officials said. When the final numbers are tallied, the revenue bounty may be enough to trigger a formula that cuts the state personal income tax rate.

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New Jersey Gov. Phil Murphy has pushed for his state to develop wind power facilities, so it's not surprising that the New Jersey Economic Development Authority is among the first to take advantage of tax breaks provided by the Inflation Reduction Act by selling a $160 million green wind energy taxable municipal bond Thursday.

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If you missed any of our ESG Week coverage, make sure to check our ESG special section which has all the articles, the podcast and a taped version of the Leaders event.

2022 was either a year to forget or a year to remember for a very long time, depending on your perspective, Triet Nguyen writes in a commentary piece. On one side, investors would want to erase from their memory last year's historically poor market performance, the weakest in decades. Institutional investors would bemoan the massive fund outflows all year long. On the flip side, research analysts may look back on the year as the best credit environment for municipals in … well, decades, writes Nguyen, vice president for strategic data operations at DPC Data.

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Municipals were little changed — down a basis point or two — Tuesday as a heavier new-issue calendar greets investors. U.S. Treasuries and equities were mixed.

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Watch the acceptance speeches and look at some of the photos from our Deal of the Year event in New York City.?

?A Moody's Investors Service downgrade leaves St. Mary's College of California with no breathing room above speculative grade. The cut to Baa3, the lowest investment-grade rating, from Baa2 affects $53 million of debt issued through the California Educational Facilities Authority, a state treasurer's conduit. The rating agency also maintained a negative outlook.

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