Northeast

It was a busy day in the primary Tuesday, with New York City pricing $950 million of GOs for retail and Miami-Dade County, Florida, and Mecklenburg County, North Carolina, selling in the competitive market.

Gorab, president and managing director of New Jersey's Wilentz, Goldman and Spitzer, died in June at age 61.

"Demand for low-duration tax-exempts has been so strong that short maturity benchmark yields are now lower than the after-tax yields for comparably rated benchmark taxable muni and corporate bonds," said CreditSights strategists Pat Luby and John Ceffalio.

The Northeast's issuers sold $49.69 billion of municipal bonds in the first half of 2022, down more than 18% year-over-year.

"I think this deal is kind of like football in the pre-season," says County Comptroller Kevin Hardwick. "We're looking at this new issue as a run-up to next year — the big event — when we hope to be bonding for our new stadium for the Buffalo Bills."

Massachusetts had temporarily delayed the $2.7 billion sale as state lawmakers debated additional funding for the state's unemployment trust fund.

New Jersey and Illinois have the lowest state bond ratings. But all three states have been ramping up pension contributions, according to S&P Global Ratings.

Political infighting ahead of November's local elections have left the finances of the state's capital in disarray and show no signs of abatement.

The future outlook now is much more fragile, the Citizens Budget Commission said.

The deal is the latest in a series of credit offerings the city is using to incentivize and grow the local charter school industry for the future.