New York City Transitional Finance Authority

Minority and women-owned business enterprises will now comprise 33% of city GO bond and Transitional Finance Authority book-runners and 40% for New York Water.

With the latest federal rescue package stalled, New York's mayor has asked state lawmakers to authorize an additional $7 billion in bonding.

Investors are sending the message that higher-grade, longer-term issuers will fare far better than lower-rated, higher-yield ones amid a focus on credit.

The short end of the municipal curve again saw yields fall, but that didn't impede the productivity of the day's new-issue market.

The Fed on Monday essentially said it was standing 10 feet back from the market, allowing it to manage the pandemic-driven crisis itself. Lower-rated issuers may benefit most from the facility.

High-grade trading Friday showed the disparate credit picture that investors are facing; they now need to dig deeper into municipal financials and the backstops on certain bonds.

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

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

New York City has seen debt service savings in excess of $2 billion since 2014, but that the city must find more opportunities to cut costs, says Comptroller Scott Stringer.

Expanding housing affordability, helping small businesses, fighting climate change and improving education topped the list of new initiatives.