Northeast

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.

The Investment Company Institute reported investors pulled $377 million from to mutual funds in the week ending April 12, after $229 million of inflows the previous week.

The oil companies had petitioned the justices to have climate change lawsuits brought by state and local governments heard in federal courts instead of state courts.

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.

The bill follows the same lines as Gov. Maura Healey's tax relief package proposed in February, but comes with a smaller price tag.

S&P raised Massachusetts' general obligation long-term credit rating to AA-plus from AA.

"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.