California

The city may have to make deeper cuts next year if voters don't approve two tax increases headed for the November ballot, if the City Council approves.

Municipal Market Analytics reports the most technical defaults in 2023 since it started tracking them, including 24 in the not-for-profit hospital sector.

The pace of the issuance and the increase of refundings, surging 59.6% in the first quarter of 2024, have also led some firms to up their overall 2024 issuance projections.

"The news is sparking an equity market selloff while sending bond yields to the stars as investors dial down their Fed easing expectations again, this time to only two rate cuts this year," said José Torres, senior economist at Interactive Brokers.

The two attorneys who joined Chapman were part of the team who worked on CommonSpirit's massive financing in 2019.

Muni to UST ratios also continue to rise across the curve, inching closer to more normal averages.

California Gov. Gavin Newsom reached an agreement with Democratic leaders on early deficit-reduction tactics.

The aim of the program was to create affordable moderate-income housing more quickly by acquiring existing apartment communities and converting the units to below-market-rate as existing tenants moved out.

Some buying returned to the market Thursday from the buy-side and asset managers as dealers attempted to sell bonds, said Chris Brigati, senior vice president and director of strategic planning and fixed income research at SWBC.

Longtime San Francisco Bay Area bond attorney firm Quint & Thimmig is closed.