City of Philadelphia, PA

Making it a summer Friday, munis were quiet. Participants contemplate why the market underperformed taxables to the degree they did when fundamentals are objectively strong and little has changed since before the FOMC.

The city council is considering the city's budget, which gave preliminary approval to a roughly $5.2 billion spending plan that allocates $156 million for violence prevention programs. Council members expect to vote on the budget Thursday.

The short end of the yield curve faced pressure from a cheaper UST five-year. As the flattening trend in UST takes hold, demand for duration will also spill over into the tax-exempt space, with long-dated munis continuing to outperform, analysts say.

Mayor Jim Kenney called the latest rescue package the only funding source that can help with coronavirus-related revenue losses.

Jacqueline Dunn had held the interim position since last September.

The Pennsylvania governor can expect pushback from Republican lawmakers over budget-balancing plan aimed at higher wage earners.

City Council-approved residential construction tax and changes to a property tax abatement program paves the way for a borrowing plan that would aid the city’s poorest communities.

A federal judge largely rejected the arguments offered by Wall Street banks seeking to dismiss the lawsuit, which alleges a conspiracy to fix rates in the VRDO market.

The NBA team's plans for an arena financed with development bonds were dashed when a city-linked organization advanced a non-sports-centered waterfront plan.

The former Philadelphia City Council CFO will advise public sector leaders on how to address the financial and economic crisis caused by COVID-19.

Municipals were mostly unchanged with a firm tone on Tuesday, according to market participants, ahead of the week's large new-issue calendar that's heavy on taxables.

The Puerto Rico Housing Finance Authority’s deal came in three times oversubscribed and was an important step in the Commonwealth’s return to the capital markets.

Christian Dunbar was hit with multiple federal charges tied to alleged immigration fraud and embezzlement schemes before he joined the city government.

The $73 million in present value savings over the next three years will help offset the costs of the coronavirus pandemic.

The projected shortfall is $100 million higher than in late April, but a downgrade is unlikely, an analyst says.

The city eyes interest savings and, if conditions permit, may take out some variable rate bonds too.

Philadelphia Mayor Jim Kenney's revised budget proposed reflects a massive revenue shortfall, related to the shutdown to prevent the spread of COVID-19.

Mayor Jim Kenney’s fifth budget proposal seeks to shield the city from a potential recession.

The high-demand market environment boosted Philadelphia’s first general obligation bond deal of 2020.

It's been a few weeks since the market has seen "normal" issuance, but investor demand picked up right where it left off before the holidays.