New York
Watchdog warns of potential New York MTA budget gaps
The Metropolitan Transportation Authority’s potential budget gaps could widen to nearly $900 million in 2026, according to the Citizens Budget Commission.
Read MoreMunis improve ahead of holiday; issuance grows to $7B
“The market has had a solid tone to it recently even with the strong rally seen this month,” Roberto Roffo, managing director and portfolio manager at SWBC Investment Management, said of the Nov. 10 rally where municipal yields in 10 years fell by as much as 40 basis points.
Read MoreNew York City HDC gets $1B bonding boost in new housing laws
Gov. Kathy Hochul this week signed into law a trio of bills passed by New York’s Legislature leveraging state resources to accelerate affordable housing in New York City.
Read MoreBillion-dollar-plus bellwether names lead nearly $12B week
As valuations got richer after muni outperformance this week, Barclays strategists expect munis to be “truly tested in the next several weeks, with supply picking up.”
Read MoreSeptember sees first month of YOY supply growth
September’s total volume ticked up 1.2% to $27.585 billion in 531 issues from $27.251 billion in 592 issues a year earlier. However, the month’s total is lower than the $30.652 billion 10-year average, according to Refinitiv data.
Read MoreDeals from Texas, Florida top slate; muni yields continue to rise
“People are just kind of sitting on their hands and being careful because MMD is raising yields every day and people don’t know which way this is heading,” said John Farawell of Roosevelt & Cross.
Read MoreNew York City to sell $700 million of taxable social bonds next month
“Last year’s successful social bond issuance has proven that there is growing investor demand for socially conscious investments and I am thrilled that we are able to offer this opportunity again,” said City Comptroller Lander said.
Read MorePort Authority of N.Y., N.J. affirmed ahead of $1.08 billion refunding
The Port Authority of New York and New Jersey will bring affirmations of its AA-minus level ratings to its next bond deal, a refunding expected in September.
Read MoreNortheast municipal bond issuance fell 26% in first half
New York deals dominated the top ranks of regional issuers in the first half of 2023 even as supply sank around the Northeast and around the country.
Read MoreMunis improve, NYC TFA retail prices
The back half of July is starting “much like the front half with ongoing UST volatility and municipal supply staying in the forefront,” said Kim Olsan, senior vice president of municipal bond trading at FHN Financial.
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