New York

Improving tax revenues allowed the mayor to increase the size of his spending proposal while keeping the budget balanced.

New York’s $220 billion fiscal 2023 budget focuses on environmental and social issues while staying in balance with federal aid and projection-beating revenue.

The state’s personal income tax revenue and sales tax revenue bonds were also lifted from Aa2. Related credits were also upgraded. The rating outlook is stable.

The budget includes a $600 million commitment from the state to subsidize a new stadium for the National Football League’s Buffalo Bills.

Hawkish Fed comments caused UST yields to rise by as much as 17 basis points, just as munis had caught a bid. The new-issue market fared well in digesting large deals amid the volatility.

Municipals have taken a hit in the first months of 2022, but higher yield levels and cheaper ratios have offered possibilities for both retail and institutional buyers, analysts say.

The $600 million deal is the authority's first 100% green transaction and it is also the first ever with bonds backed solely by revenue earned from specific transmission projects instead of the authority's general credit.

Panelists discuss the implications of working from home in a hybrid manner, rising crime and falling mass transit ridership, vulnerable revenue sources and the lack of affordable housing at a New York Fed event.

The first tranche of federal dollars are seen as a down payment on what's billed as the most urgent infrastructure project in the U.S.

Next week's potential volume is slated to be more than $8 billion, led by $1.25 billion of taxable and tax-exempt future tax-secured subordinate bonds from the New York City Transitional Finance Authority.

Outflows continued, with Refinitiv Lipper reporting investors shed $1.503 billion from municipal bond mutual funds in the week, following outflows of $2.136 billion in the previous week. High-yield saw small inflows.

Davey will oversee operations for the city’s subways, buses, paratransit services and the Staten Island Railway.

The 20% rise is higher than the city’s forecast of a 15.7% gain and this may help the Big Apple see better-than-expected income tax revenue.

New York State Comptroller Thomas DiNapoli and city Comptroller Brad Lander lauded the SEC’s proposal, saying environmental transparency is beneficial to the state and city pension plans.

The triple-A 10-year yield is above 2% on all scales, the highest since March 2020.

The Port Authority of New York and New Jersey is a "trailblazer" in public-private partnerships, and P3 investors hope to see more action in U.S. airports.

The Big Apple faces an uncertain economic future as many white-collar workers remain at home and the return to office movement takes hold only slowly.

The City Council on Wednesday began the first of a series of hearings on Mayor Eric Adams' $98.5 billion preliminary fiscal 2023 budget.

Municipal bond issuance in the region was down 11.7% year-over-year in 2021, as new money, refunding, taxable and tax-exempt volume all slipped.

To help the city recover faster, former Lt. Gov. Richard Ravitch has proposed a dedicated state-approved revenue stream to provide additional funding for the transit system.