New York City Municipal Water Finance Authority

Mayor Eric Adams executive budget "will be released in just 51 days, giving us limited time to marshal the substantial resources we will need to stay balanced in fiscal 2023 and 2024," said OMB Director Jacques Jiha.

"As we spoke with our underwriting partners and our municipal advisors, given [market] volatility, we shortened that retail order period to one day," says OMB's David Womack.

"I think ESG is here to stay in our market. I think it's a natural fit with the types of infrastructure that our market finances," said MSRB CEO Mark Kim.

"The overall tone of the budget is one of prudency, which is correct during this current period where federal pandemic aid is winding down and there are questions about whether we enter into a recession," said Howard Cure of Evercore Wealth Management.

"An increase in social distancing and remote work has resulted in growing vacant office space since late 2020. Office rents have also trended down and remained depressed into 2022," according to the Popular Annual Financial Report.

New York City will also release the first quarter update to the fiscal 2023 financial plan this month.

The municipal market was a tale of two halves in fiscal 2022, the report says.

Brad Lander says using municipal bonds could be one way to help move recent immigrants into mainstream society and provide a long-term economic boost to the city.

The firm’s project finance & public finance practice comprises more than 50 attorneys and professional colleagues and is looking to add.

The final budget sets aside about $8.3 billion in budget reserves, which bring them to the highest level in the city's history.

The recommendation would build reserves toward a target of 16% of tax revenues in order to prevent drastic service cuts during a recession.

The City Council on Wednesday began the first of a series of hearings on Mayor Eric Adams' $98.5 billion preliminary fiscal 2023 budget.

The new-issue calendar is $5.45 billion while 30-day visible supply sits at $11.14 billion. The largest deal of the week comes from the New York City Municipal Water Finance Authority with $793.83 million.

The proposed issuance would refinance some of the New York City Municipal Water Finance Authority’s outstanding bonds.

Marjorie Henning was named deputy comptroller for public finance and Michael Haddad is interim chief investment officer and deputy comptroller for asset management.

While move-outs still outpace move-ins, the rate at which people are leaving has slowed and returned to near pre-pandemic patterns. A return by workers to offices is also rising, but occupancy in the city remains lower than almost all major metropolitan areas in the U.S. except for San Jose and San Francisco in California.

Large new issues from California, New York utilities and airport deals were repriced to lower yields and remained the focus for the municipal market, again ignoring a swing by U.S. Treasuries.

A larger new-issue calendar greets investors with a lot of cash on hand and strategists expect municipal yields to rise as the calendar builds.

Gilt-edged munis fell as much as two basis points Wednesday as the month ended and the first half stats were put into the record books.

A majority of the week's largest new issues priced at yields mostly at or around benchmarks as secondary trading did little to move scales. In economic data released Tuesday, the June consumer confidence index climbed, suggesting spending will rebound.