City of New York, NY

Biweekly webinars on Zoom will help city small businesses and MWBEs stay afloat in difficult economic times.

The council wants to focus on the social safety net in light of the COVID-19 pandemic.

Despite a muted month of March due to the COVID-19 pandemic which included two weeks of no negotiated deals, muni bond issuers still sold more long-term debt than they did during the first three months of 2019. Issuers accounted for a total of $84.87 billion of bonds throughout 2,119 transactions, compared to $75.84 billion in 1,809 deals in first quarter of 2019. The top 10 features five newcomers from a year ago, including the top spot.

Forced selling continues and credit spreads are widening as much as 200 basis points in spots making for a large bid-ask disconnect in the market.

Negative outlooks trigger questions about other reeling areas in the capital markets crosshairs.

The rating agency expects a 'sudden and severe decline in the city's sales and income taxes' as a hit to the city's budget and economy from the coronavirus crisis.

To help state and local governments after the COVID-19 pandemic, Cumberland Advisors is proposing a new municipal security.

The plunge of the financial markets amid COVID-19 stands to push up pension costs — and budget strain — for the city.

Nicole Gelinas from the Manhattan Institute discusses the economic blows to New York City and the MTA from the pandemic, and options available. Paul Burton hosts the program, recorded one week ago.

The Citizens Budget Commission is calling for far larger cost cutting and predicts that New York City could see $20 billion of lost revenues over three fiscal years.

The rating agency, citing severe ridership drops from COVID-19, dropped its rating to A-minus from A. It assigns a negative outlook.

Despite rising 3% in 2019, DiNapoli expects bonuses to drop this year.

The mayor cited COVID-19 as a spending priority while cases in his city represent more than one-third of the nation's total.

The comptroller called for passage of a federal rescue bill and measures to shore up the city budget.

The authority, which tapped its $1 billion credit line and received a warning shot from Moody's, says COVID-19 is a disaster that requires a national response.

If the Federal government doesn't help, the $12 billion plan could be funded by the city selling "relief bonds."

"I think it's way too early to determine how we're going to adjust the budget," the mayor said.

The municipal finance industry is dealing with minute-by-minute news of state-wide school closures, shuttered restaurants, curfews and canceled events. New issues are increasingly being put on the day-to-day calendar.

The comptroller, citing projected losses in entertainment and tourism while the city is virtually closed, called for a savings target of 4% of tax levy-funded agency spending.

How severe a financial hit New York City will take during the COVID-19 pandemic is as much of an unknown as the degree of virus spread.