New York

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.

Ed Koch, the late mayor of New York, used to ask residents "How am I doin' ?" The Citizens Budget Commission plans to do that this fall with a survey.

Bonds tied to Destiny USA in Syracuse were cut deeper into junk by Moody's Investors Service on doubts about its ability to extend an outstanding loan.

The upgrade reflects progress and ongoing development at Hudson Yards that has led to increased payments in lieu of taxes, said S&P credit analyst Felix Winnekens.

"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.

The Metropolitan Transportation Authority pledged in a legal settlement to devote nearly 15% of its capital plan to make more of its facilities accessible.

Moody's also affirmed the A3 rating on the MTA's $20.6 billion of transportation revenue bonds.

"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.

The 'Ports of Tomorrow ' event was carried out in partnership with the Port Authority of New York and New Jersey and the Regional Plan Association.

The total economic impact from the almost 292 million tourists visiting the Empire State last year was roughly $123 billion.

"Coupling the costs of a national crisis that has fallen onto New York City with COVID funding that is running out and reduced revenue growth, our city's financial future may be at risk if we do not act," Mayor Eric Adams said.

In the first half of the year, private-sector jobs in the Big Apple surpassed pre-pandemic levels as payroll gains outperformed the national growth rate. However, Mayor Adams says there is one big problem that "will destroy New York City."

Despite this, August saw the largest monthly volume of 2023, helped by several billion-dollar deals and multiple Texas school district deals.

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.

"The improved rating outlooks are critical for the Power Authority to ensure that we can continue leveraging the capital markets," said NYPA President and CEO Justin E. Driscoll.

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.

For the three-month period ending June 30, the fund's investments returned about 3.08%.

Despite looming economic and social challenges, New York City's economy has proven to be more resilient than projected, New York's comptrollers Brad Lander and Thomas DiNapoli say.

"Weaker performance is in part driven by higher permanent labor costs," Moody's said. "These elements highlight rising human capital and financial strategy risks under Moody's ESG classification and are key drivers of this rating action."

Costs associated with the influx of migrants could cost the city more than $12 billion over fiscal 2023, 2024 and 2025.