New York

Delivery delays for Boeing planes are impacting airports, with Southwest Airlines recently announcing it is pulling out or reducing flights at some facilities.

New York Fed President John Williams said the Fed "will cut rates eventually" during a fireside chat at Milken Institute's Global conference on Monday.

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

The mayor's executive budget will now be vetted by the City Council; its leaders say Adams' new spending plan shortchanges library and mental health programs.

Teague, most recently an executive director of the municipal securities department at Morgan Stanley, will focus on surface transportation.

"Numbers are hard to come by in a comprehensive way, but we do learn the state's budget is targeted at $237 billion," said John Hallacy. "This budget is clearly not a 'caretaker' budget, but one that adds significant spending. The question is how that spending will affect the out-years."

New York City Municipal Water Authority returns to the municipal primary after a $1.4 billion deal earlier this year.

"We withdrew the rating because we have determined we do not have sufficient information to maintain a forward-looking credit opinion on the city," S&P said.

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.

"DASNY's financing, construction and grants management on behalf of science, health and educational not-for-profits [are] the foundation for stronger, inclusive and more sustainable communities across the state of New York," said Robert J. Rodriguez.

New York State officials are unlikely to meet today's extended deadline for finalizing a fiscal 2025 budget and will probably push it back again.

With a dearth of taxable muni supply and Build America Bond refundings, the university should see strong demand for this week's $500 million taxable corporate CUSIP bonds.

In a recently released survey by the Citizens Budget Commission, New Yorkers said they are feeling much less safe, with only 37% rating public safety in their neighborhood as excellent or good, down from 50% in 2017.

Congestion pricing proponents claim it will reduce gridlock, improve air quality in Manhattan and boost ridership on the MTA, which has never recovered its pre-pandemic ridership levels.

"What we're doing is just being prudent managing the risk," said Metropolitan Transportation Authority Chief Financial Officer Kevin Willens.

Set to be priced by Jefferies on Monday for retail investors and on Tuesday for institutions, New York City's tax-exempt general obligation bond deal is tentatively structured in four series with two subseries.

To maintain the city's good credit rating and robust fiscal health, New York City Comptroller Brad Lander is also proposing a stronger debt management policy to make sure the city keeps its debt service below 15% of tax revenues.

LSEG Lipper reported fund inflows of $63.8 million for the week ending Wednesday following $300.5 million of inflows the prior week. High-yield saw its 11th consecutive week of inflows at $180.4 million, down from $278.6 million the week prior.

The New York MTA has not sold fixed-rate transportation revenue bonds since February 2021. The first maturity of that deal (4% 11/15/44) priced at +81 and was evaluated at +78 as of Wednesday by BVAL, according to CreditSights strategists. The same maturity but with a 5% coupon was priced at +59 to BVAL.

Municipal bond buyers looking for yield need look no further than the OTB's non-rated tax-exempt revenue bond deal that's set to be priced this week.