High-yield funds have less money to spend these days, leaving large infrastructure projects like the All Aboard Florida high-speed rail project waiting at the station.
"The Florida Development Finance Corp. this week postponed a $1.75 billion unrated bond sale for All Aboard Florida, a passenger railroad backed by Fortress Investment Group LLC, that underwriters have been marketing since August," reports Brian Chappatta. The postponement comes a few months after the Florida Development Finance Corp. approved tax-exempt status for All Aboard Florida, paving the way for the bond to be sold.
Several developments, including a weakened economy in China and the threat of increased interest rates here in the United States, means "the flow of money into funds that invest in the riskiest munis has slowed to $1.2 billion this year, compared with $8.8 billion in 2014, Lipper US Fund Flows data show."
The article has a lot more specifics on the bond market as it applies to the All Aboard Florida example. It's also worth noting that the trends impacting the All Aboard Florida bonds are also impacting the bond financing needed for other infrastructure investments, like a Texas ethanol plant and funding for the Puerto Rico Aqueduct & Sewer Authority.
FULL STORY: Junk Deals Derailed as High-Yield Muni Funds Pull in Less Cash
All Aboard Florida Receives Crucial State Backing for $1.75 Billion Loan
The Florida Development Finance Commission voted 3-0 at a contentious meeting to approve the 125 mph, Orlando-Miami privately funded train's request for tax-exempt status. It does not put the state at risk in terms of repaying the loan though.
Nation's Only Privately Funded Express Rail Service to Launch in July
Good and bad news for followers of Brightline, a South Florida rail start-up. Service between West Palm Beach and Fort Lauderdale begins in July, with Miami soon thereafter, but opponents may hamper extension to Orlando.
Florida High Speed Rail to Remain Privately Funded
Apparently some in Florida were uncomfortable with the much touted "privately funded railroad" using a $1.6 billion Federal Railroad Administration loan, so All Aboard Florida applied for tax exempt bonds to supplement or replace the loan.
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City of Albany
UCLA Lewis Center for Regional Policy Studies
Mpact (formerly Rail~Volution)
Chaddick Institute at DePaul University
City of Piedmont, CA
Great Falls Development Authority, Inc.
HUDs Office of Policy Development and Research