Organization Root Tag

A group of about 10 bankers reportedly is departing Citi for Jefferies.

"The upgrade of Pennsylvania's IDR and related ratings reflects recent use of revenue surpluses to build its reserves to historical highs and Fitch's expectation that substantial reserves will be maintained in the near term," the rating agency said.

The Metropolitan Transportation Authority's potential budget gaps could widen to nearly $900 million in 2026, according to the Citizens Budget Commission.

Judge Swain says she'll hear claims that the government has manipulated PREPA's budgets to bondholders' detriment.

"The market has had a solid tone to it recently even with the strong rally seen this month," Roberto Roffo, managing director and portfolio manager at SWBC Investment Management, said of the Nov. 10 rally where municipal yields in 10 years fell by as much as 40 basis points.

Vern Breland has agreed to pay a $35,000 fine and is permanently barred from participating in future municipal securities offerings.

Final responses are due by Dec. 8 from muni underwriters who want to be on Wisconsin sale syndicates.

The large drop in yields since the end of October can be reflected in sentiment that investors expect a potentially dovish Fed next year, and that a soft landing narrative gives them "permission to finally purchase the bonds they've been admiring," said MMA's Matt Fabian.

Municipal bond underwriters for Texas deals now have until Dec. 16 to comply with changes to the agreements and to their standing letters of compliance with two state laws banning contracts with companies that "boycott" or "discriminate" against the fossil fuel or firearm industries.

While the state is boosting the budget reserve, it's also forecasting $1.4 billion in additional fiscal 2024 revenue that would be partially offset by spending pressures.

Fitch also affirmed the GOAA's AA-minus rating on $1.8 billion of outstanding senior lien airport facilities revenue bonds and A-plus on $867 million of subordinate lien airport facilities revenue bonds.

First quarter revenues were 20.4% higher than Oversight Board forecasts.

The IRS concluded the examination of an advance refunding of capital improvement funds with no change to the bonds' tax-exempt status.

Florida outpaced the national average in overall labor force gains last month while the state's 2.8% unemployment rate was lower than the nation's 3.9% in October.

The Port Authority's proposed 2024 budget of $9.3 billion includes capital spending of $3.6 billion, above levels set pre-pandemic for the first time.

Without a lot of additional state and federal aid, New York City is forecasting it will spend about $12 billion in costs related to the influx of migrants to the city in fiscal years 2023, 2024 and 2025.

Bennett joins the university as associate vice president of finance under CFO Ivan Samstein, former Cook County CFO.

Mayor Eric Adams says the city has a safe and effective way to use artificial intelligence throughout municipal government while protecting against the risks.

"Demand is firming up. Interest rates have moved off the recent highs. Intermediate muni yields are about 50 basis points off from those highs," said Stephen Shutz, head of tax-exempt fixed income and a portfolio manager at Brown Advisory.

Oversight Board asks Gov. Pierluisi not to sign a bill it says would cost $3 billion over five years.