New York

City finance officials report that its recent $1.56 billion general obligation bond sale was more than six times oversubcribed.

Muni Pride has been rebranded from California Muni Pride to reflect its developing national focus.

Olson, a 20-year municipal bond veteran, replaces Marjorie Henning who retired at the end of April. In his new position, he will be in charge of the Bureau of Public Finance, which manages the city's borrowing for the comptroller.

The Housing Development Corp. will come to market with almost $1 billion of sustainable development bonds to fund new housing projects in the city.

The recent influx of migrants has stressed the city's social services system amid uncertainty about whether funding will come from state or federal government.

Fernandez was a veteran municipal bond attorney who spent nearly 67 years at Hawkins, Delafield & Wood LLP before his retirement in 2017.

The private Medaille University is closing its doors after failing to sell itself to a nearby college. It has more than $20 million of bond debt.

"We are seeing strength in the securities, transportation and warehousing and office sectors," New York State Comptroller Thomas DiNapoli said "but retail, restaurants, construction and tourism continue to lag the national recovery."

The CPI numbers coming in pretty much as expected "was a relief" to the markets, with the bond market rallying after the release, said Luke Bartholomew, senior economist at abrdn.

The Municipal Forum of New York presented awards to four people at its annual fund-raising dinner in Manhattan on May 3. Money raised at the dinner is used to support the Urban Leadership Fellows internship program to support high school seniors heading to college.

Three public finance veterans and one industry hopeful took the stage Wednesday in Manhattan to accept awards at the forum's 32nd Annual Awards Dinner.

Total volume for the month was $30.599 billion in 577 issues, down from $40.423 billion in 900 issues a year earlier. Total issuance year-to-date is at $107.626 billion, falling 25.2% from the same period of 2022.

While fiscal 2023 and 2024 budgets remain balanced, outyear gaps increase to $4.2 billion, $6.0 billion and $7.0 billion in fiscal 2025 through 2027, respectively.

Almost a month late, the New York Senate and Assembly are expected to soon pass the $229 billion fiscal 2024 budget.

Investors will be greeted Monday with a new-issue calendar estimated at $7.208 billion, led by $1.3 billion of GOs from bellwether Washington.

Nassau County is set to issue $269.54 million of general obligation bonds in two separate sales in the upcoming week.

"I think there is a certain amount of anxiety for New York — and many other states — as federal pandemic funds run out and questions about the potential for a recession emerge," said Evercore's Howard Cure.

The New York Fed said the tech sector's employment contraction impact on the New York City economy was unlikely to be significant.

Jean-Yves Fillion, CEO of BNP Paribas USA, talks with Chip Barnett about how the bank leverages its commitment to tennis to help the communities it serves and expand environment goals that help the planet. Taped live at the BNP Paribas 2023 Open in Indian Wells California. (11 minutes)

Comptroller Brad Lander said the pension funds adopted a measurable and transparent plan that could serve as a model for other investors.