City of New York, NY

The calendar is led by several high-profile deals, including $2.7 billion of GOs from California, $1.5 billion from New York City and $1.1 billion from Washington. High-yield gets another dose of unrated project finance debt from Miami Worldcenter Project tax increment revenue bonds. The Bond Buyer 30-day visible supply sits at $12.06 billion.

Set to be priced by Jefferies on Monday for retail investors and on Tuesday for institutions, New York City's tax-exempt general obligation bond deal is tentatively structured in four series with two subseries.

To maintain the city's good credit rating and robust fiscal health, New York City Comptroller Brad Lander is also proposing a stronger debt management policy to make sure the city keeps its debt service below 15% of tax revenues.

Despite several larger deals entering the primary, the vast amount of cash on hand has not allowed munis to cheapen amid UST volatility and ultra-rich ratios

The securities industry accounted for roughly $28.8 billion in state tax revenue and $5.4 billion in New York City tax revenue for fiscal 2023, state Comptroller Thomas DiNapoli estimated.

The city has again proven to have a resilient economy, with better than budgeted revenues, said Howard Cure, a partner and director of municipal bond research at Evercore Wealth Management LLC.

The city and its related issuers picked financial advisors to work on upcoming bond deals, including GO issuances, TFA deals and water authority sales.

Municipals look poised to close out February a touch in the black following a more constructive tone Thursday after being in a 'holding pattern' for much of the past two weeks.

Issuance is already slated to be healthy next week, with some large deals on the calendar.

Munis should remain well bid until issuance picks up "dramatically," said Nuveen's Anders S. Persson and Daniel J. Close.