California

California Gov. Gavin Newsom's May budget revisions brought 260 program cuts, but he will not raise taxes or layoff or furlough employees to close the deficit. His plan would cut 10,000 vacant positions.

More funding went to oil and gas subsidies than into green energy projects in recent years, according to panelists at Milken Institute's Global Conference.

California lawmakers asked the high court to intervene on the measure headed for November's ballot.

April's volume stood at $40.456 billion in 653 issues, up 21.2% from $33.377 billion in 666 issues in 2023.

CDIAC's revamped website, which launches May 1, will offer accessibility to state and local debt from issuance through maturity and the ability to create summary reports based on search features.

S&P Global Ratings joined Moody's in assigning a negative outlook to its triple-A rating, but a criteria change pushed Fitch's rating of the city up to AAA.

The California Supreme Court will hear a case challenging the state's 2013 pension changes, after seemingly settling the issue with a 2020 ruling.

The company expects construction to take four years, with operations beginning in summer of 2028 ahead of the Los Angeles Olympics.

Los Angeles Mayor Bass' proposed $12.8 billion spending plan aims to close a $467 million deficit.

The new-issue calendar will be a "good test to see if the higher absolute yields can pull buyers off the sidelines or if underwriters need to widen spreads significantly enough to reprice the entire market to clear the deals," according to Birch Creek strategists.

Two rating agencies upgraded Los Angeles Unified School District's bond ahead of multi-billion dollar refunding.

The replacement Hollywood Burbank Airport terminal won't have more gates, but will be less cramped and resolve its noncompliance with FAA safety regulations.

Los Angeles Mayor Karen Bass aimed high in her State of the City speech just days before she will release a budget that needs to close a nearly half-billion-dollar deficit.

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.