California

In its take on the governor's proposed budget, the Legislative Analyst's Office lowered its own deficit projection, but called the governor's revenue projections "optimistic."

The shortfall Gavin Newsom says his budget must close is $30 billion less than the deficit forecast by the Legislative Analyst's Office in November.

Marina Wiant was named to head California treasurer committees that set the debt limit, determine how the private-activity capacity is deployed and play a critical role in financing the construction of affordable rental housing in the state.

Red state-blue state battles have complicated ESG issuance even as the muni market strives to make it an accepted asset class. The Bond Buyer's Lynne Funk, Karen Pierog, Chip Barnett and Keeley Webster discuss how it's playing out nationally and regionally.

Since November, 10-year munis have fallen 130 basis points, according to Refinitiv MMD. This has pushed ratios to near-record lows, said Jason Wong, vice president of municipals at AmeriVet Securities.

The Alameda Corridor Transportation Authority announced a tender offer as part of a restructuring plan that could culminate in $1.36 billion of bonds.

Half of the top 10 issuers were new entrants: the California Community Choice Finance Authority, Main Street Natural Gas, the state of Washington, the Texas Natural Gas Securitization Finance Corp. and Illinois.

The muni market saw $379.992 billion of debt issued in 2023, only $11.076 billion less than the lackluster $391.068 billion seen in 2022.

Fitch Ratings upgraded the Riverside County Interstate 15 managed lane project two notches, affecting $152.2 million in debt.

The $68 billion deficit reported for California's budget is an eye-opening figure but the revenue trends are less dramatic when viewed over multiple years.

The issuer is set to come to market with general revenue bonds the week of Jan. 21, according to its investor website.

The upgrade affects $2.3 billion in debt. The commission also had its outlook revised to stable from positive.

A gain of more than 4,000 residents came amid population gains in much of the Bay Area and as a counterpoint to a "doom loop" narrative about San Francisco.

S&P believes the state has sufficient liquidity and reserves to weather the shortfall, but analysts are not seeing the structural steadiness it had that led to the positive outlook, said lead California analyst Oscar Padilla.

The deal includes $300 million of new money to embark on a $1.4 billion five-year capital plan.

The top five bond financings have an average dollar volume of more than $1 billion.

More than one out of every 100 residents who pay income taxes left the Empire State during the pandemic in 2020, according to report released by state Comptroller Thomas DiNapoli. And, while slowing, the trend hasn't stopped.

Michael Milken's attorney Richard Sandler penned a book blasting his friend's prosecution. High-yield muni experts weigh in on whether Milken's influence extended to the muni market.

Republicans have repeatedly criticized the California high-speed rail project as a waste of taxpayer money.

Los Angeles Mayor Karen Bass is celebrating her first year in office with infrastructure, business and ESG project announcements.