February muni primary volume surges

February’s municipal primary market volume surged year-over-year as pent-up issuance needs, increased investor demand and a more stable muni interest rate environment led issuers to come to market. A slew of large deals toward the end of the month contributed to the growth, with totals showing February's volume climbed 43.3% from a year earlier to $31.5 billion.

Registration is open for The Bond Buyer Texas Public Finance conference in Austin in April.

Congress is expected to begin voting next week on the first set of fiscal 2024 budget bills – five months into the fiscal year – after the parties reached another short-term deal to avert a government shutdown Friday. It's the fourth continuing resolution passed by Congress since the start of the federal fiscal year on Oct. 1. The lack of solid appropriations poses challenges for issuers and transportation officials, lobbyists said.

Check out our most recent Rising Stars and the second class of Muni Hall of Famers.

Washington State lawmakers approved a $14.6 billion supplemental transportation budget that adds $1 billion to the 2023-25 biennium budget approved in July. The budget prioritizes roadway preservation and funding for Washington state ferries. "We make important investments and ensure that we don't go backwards in any area, but the needs of our state continue to outpace the resources available," said Senate Transportation Committee Chair Marko Liias, D-Edmonds.

Early Bird pricing is available for The Bond Buyer's new Southeast Public Finance conference coming May 6-7 in Hollywood, Florida.

The IRS provided updated guidance on how utility companies are allowed to use securitization to recover costs through rate increases to customers. The highly technical bulletin spells out that securitizations must be issued by a state qualifying financing entity identified as “a state, political subdivision thereof, or other organization authorized to issue debt on behalf of a state or political subdivision thereof.”??

Read the newest research from The Bond Buyer detailing the public finance industry’s views of the risks and opportunities in 2024.

Georgia Gov. Brian Kemp signed the state’s $37.5 billion amended fiscal 2024 budget, $5 billion more than the original plan passed last year.Kemp’s amended fiscal 2024 and proposed fiscal 2025 budgets include spending some of the state’s surplus revenue on capital projects rather than issuing bonds this year

Though it will still feature insightful, in-depth conversations between our reporters and editors and thought leaders from all corners of municipal finance, our long-running podcast will reboot with a format change. Bond Buyer Editor in Chief Mike Scarchilli explains and previews the changes on the horizon.

Municipals were little changed to end the week ahead of an estimated $6.1 billion new-issue calendar. U.S. Treasuries were firmer, and equities ended up.

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