City of New York, NY

CreditSights said states with the largest payments are Texas at $2 billion, Pennsylvania at $1.5 billion, South Carolina at $1.3 billion and California at $1.2 billion

The bonds are rated Aa2 by Moody's Investors Service, AA by S&P Global Ratings and Fitch Ratings and AA-plus by Kroll Bond Rating Agency. All four rating agencies have a stable outlook on the credit.

Meanwhile in New York, the state doubles down on climate investments and restricts investments in some big oil and gas companies as the city blasts several big banks as they pull out from the Climate Action 100+ initiative.

It's a color-coded controversy about how far the fight over ESG and green investing precepts will affect public finance this year, with the latest skirmishes involving Bank of America and New York and New Hampshire.

"Some have called on us to use our rainy-day fund to cover asylum seeker needs. We do not agree and neither do our city and state comptrollers as well as the bond rating agencies and fiscal experts," said NYC Mayor Eric Adams.

The 2025 state budget would provided $2.4 billion to New York City to pay for the costs of caring for a rising influx of migrants, which includes taking $500 million from reserves.

Proceeds from the PMT green bond sale will be used to finance transit and commuter projects that have been approved in the N.Y. MTA's capital programs.

The tax-exempt market could also see pressure due to "heavy issuance, anemic flows, and rate volatility," according to Barclays PLC.

"Preserving a livable planet and a thriving economy will require a collective global commitment both to the phase-out of fossil fuels and to massive new investments," said New York Comptroller Brad Lander.

"The city cannot provide everything to everyone. But it can thrive and help our most in-need neighbors if it prioritizes key services, relentlessly manages them to get results, and operates effectively and efficiently," said the CBC's Ana Champeny.