Louisiana kicks in more money to finalize its largest P3 to date

Louisiana will kick in more money — and get a piece of toll revenue — under a revised public-private partnership for a $2.1 billion bridge that state officials signed off on Thursday. Bonds to pay for the deal, which marks the state's largest P3 yet, will hit the market in early April under the current schedule. The state plans to issue debt, including general obligation bonds, and the federal government has allocated $2 billion in private activity bonds for the project.

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As investors face credit and interest rate risk — two of the more challenging aspects of the market over the past two years — some are looking to alternative investments such as interval funds. They give municipal fund managers the flexibility to invest in less liquid assets or employ investment strategies more suitable for extended holding periods.

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On Wednesday the House passed legislation that seeks adjustments to Low-Income Housing Tax Credits issued by the Treasury lowering the volume requirements of state-issued private activity bonds. The Tax Relief for American Families and Workers Act passed via a 357-70 vote featuring strong bipartisan support. It stands on two legs of expanding the child tax credit while also loosening restrictions on research and development tax deductions tapped by businesses.??

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The Florida State Board of Administration Finance Corp. has authorization to sell up to $3.8 billion of taxable revenue bonds this year to buttress the state's Hurricane Catastrophe Fund. Proceeds would go toward replenishing the Florida Hurricane Catastrophe Fund Finance Corp., often called the Cat Fund.

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January issuance was up year-over-year as positive market momentum from late 2023, growing capital needs, tighter credit spreads and planning for dwindling federal stimulus dollars prompted issuers to come to market.

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