Munis

The lowest tier of investment-grade companies are growing vulnerable to downgrades to high-yield status - a designation that could drive up their borrowing costs and set off a wave of selling from investors who aren’t permitted to hold such low-quality debt.

The city is folding together separate syndicate and advisor teams on $1.2 billion of general obligation and Sales Tax Securitization Corp. refunding deals.

Rating criteria changes and a ruling in the Puerto Rico III case have undermined some investors' and analysts' confidence in revenue pledges.

The 240 note classes under review from 24 issuers include several already holding high-risk triple-C ratings.

RBC Capital Markets hired Paul Sheldon, founder of the advisory firm S L Capital Strategies, as a managing director in the municipal finance student loan group.

Chicago officials say the city will complete its $3 billion securitization program with a $600 million deal as soon as January.

Goldman Sachs was set to price $898.1 million of the sales tax bonds Wednesday, but the sale was delayed until next week at the earliest.

The Railsplitter Tobacco Settlement Authority will price a $679 million current and advance refunding of tobacco bonds.