Why Terminal One P3 deal at JFK airport was upsized by $1 billion

The P3 centerpiece of plans to revitalize New York's John F. Kennedy International Airport was very well received last week in the municipal bond market, where the triple-B-minus tax-exempt deal for the New Terminal One project was upsized by $1 billion to $2.5 billion when the deal was priced through the New York Transportation Development Corp. "The lower rating with the higher yield might get more investors who had been underweighing airports or they had some other airport positions called away,"? said Patrick Luby, senior municipal strategist at CreditSights.

From politics to disclosure to funding, the changing climate challenges muni issuers. Learn more in our Climate Spotlight 2024 package.

California Gov. Gavin Newsom and lawmakers reached a budget agreement over the weekend they say will close multi-year deficits by cutting $16 billion and declaring a statewide fiscal emergency to use reserves. It also calls for a bill in August requiring the state to set aside a portion of future surplus funds and create a 2026 constitutional amendment to grow the state's rainy day fund.

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The U.S. Supreme Court Monday agreed to take up an environmental challenge to a proposed bond-financed crude oil-transporting railway in Utah. The Seven County Infrastructure Coalition, a Utah public entity that is spearheading the Uinta Basin Railway project, filed a petition in March asking the high court to review a portion of an August 2023 U.S. Appeals Court ruling that found the Federal Surface Transportation Board erred in approving an environment impact statement and biological opinion for the project in 2021.?

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Muni lobbyists expect longtime ally Rep. Richard Neal to return to the chairmanship of the House Ways and Means Committee if Democrats reclaim a House majority in the coming elections, while a Republican victory would likely keep Chairman Jason Smith in power.??

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Municipals were steady Monday ahead of a surge in supply , as U.S. Treasury yields fell slightly out long and equities were mixed near the close. "Munis continue to recover this month after a dismal end to the month of May," said Jason Wong, vice president of municipals at AmeriVet Securities.

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