New York

"Folks are aware of possible pressure that could weigh on the market, but attitudes are still generally more constructive than negative at this time," says Tom Kozlik of HilltopSecurities. 

Public finance veterans Marvin Markus and Mark Liff join Siebert as managing directors to focus on expanding the firm's infrastructure and higher education practices.

"If banks become even more reluctant to make new loans, the likelihood of a recession grows," says New York City Comptroller Brad Lander.

The MTA, which expected to begin collecting the tax next year, has revised downward its 2024 projections as federal review is taking longer than expected.

Governments across the Northeast announced support for emerging industries affected by the collapse of Silicon Valley Bank and Signature Bank.

The port authority cancelled the proposed $2.3 billion line following the release of a state-backed project evaluation.

Mayor Eric Adams executive budget "will be released in just 51 days, giving us limited time to marshal the substantial resources we will need to stay balanced in fiscal 2023 and 2024," said OMB Director Jacques Jiha.

Terminal 6 is the fourth big terminal project at New York City's international airport that will create a "modernized global gateway," said Gov. Kathy Hochul.

New York State Comptroller Thomas DiNapoli talks with Chip Barnett about his proposal for an amendment to the state constitution to limit backdoor borrowing by agencies and give voters a bigger say on bond issuance. (25 minutes)

"As we spoke with our underwriting partners and our municipal advisors, given [market] volatility, we shortened that retail order period to one day," says OMB's David Womack.

"The large taxable refunding or combined transactions were accomplished earlier in the year when rates were relatively low," says John Hallacy.

Citigroup's cuts included veteran public finance banker Thomas Coomes, who had co-led the bank's Midwest region.

Louisa Chafee is senior vice president for external relations and public policy at the UJA-Federation of New York, the largest local Jewish philanthropy organization in the world.

Deposits to reserves that had been planned for fiscal 2024 and 2025 would be completed by the end of the current fiscal year, bringing the total to $24 billion.

UBS' move this week to cut some banking positions marked a reversal of its five-year growth trend as the bank rebooted its municipal underwriting business.

"The overall tone of the budget is one of prudency, which is correct during this current period where federal pandemic aid is winding down and there are questions about whether we enter into a recession," said Howard Cure of Evercore Wealth Management.

The firm is expected to announce the new muni leadership team next week.

Prager filed with for dissolution with FINRA last month and Dallas, Texas-based HilltopSecurities stepped in to snap up the bankers in a move that will bolster its East and West Coast muni presence.

Passenger counts at the three airports were higher in November than in November 2019, marking the first month they beat a pre-pandemic comparison.

"The good news in this budget is that the MTA has increased its effort to find efficiencies, so that's now a larger portion of the plan. The challenge is that efficiency portion of the plan should be much, much bigger," said CBC President Andrew Rein.