State of Hawaii

Hawaii lawmakers made changes to the budget this week in response to a flurry of vetoes from Gov. David Ige.

Hawaii lawmakers approved the budget before Treasury guidance banned the use of federal funds for debt payments or reserves.

Under Hawaii's system, the governor, David Ige, signals his intent to veto and then negotiates with lawmakers before making them formal.

The budget included reduced capital improvement and GO issuance plans over the biennium.

Hawaii's governor announced that state employees would be furloughed two days a month; the state sold $750 million of GO bonds in October to fund operations.

Municipals firmed Friday, with yields falling by as much as two basis points, as coronavirus threats grow and a flight-to-safety resumes.

The current deal deluge is causing a minor yield pullback, but levels have been steadier than many probably thought, trader said.

The coronavirus pandemic took its toll on Hawaii's credit rating Monday as Fitch cuts the Aloha State's GOs to AA. NYC TFA announces $1.1B sale for next week.

The market will digest the once-again largest amount of new issues in 2020, including some higher-grade state GOs that have been quiet of late. Some participants said a back-up in rates could occur after a mostly quiet week.

The state is easing a strict quarantine requirement that has left its all-important tourism industry with very few tourists.

There are plenty of taxable deals on the upcoming week’s new-issue calendar while several large deals from issuers in New York will be in the spotlight after Moody's downgrades.

Munis rallied all along the curve Thursday, with long end yields down by as much as four basis points.

Fitch Ratings lowered its outlook on Hawaii's AA-plus rating to negative from stable, following a similar action by Moody's earlier this month.

With coronavirus decimating the state's dominant industry of tourism, Moody's dropped Hawaii's rating outlook to negative.

Tourism represents 17% of Hawaii's economy.

Fitch Ratings raised Hawaii to AA-plus from AA.

Hawaii moves ahead on plans to construct a new college football stadium amid concerns about declining attendance at college games.

The municipal bond market took a breather on Thursday as the last of the week’s larger deals came and went.

Southwest Airlines' decision to enter the Hawaii market helped spur a positive outlook from Moody's.

Lawmakers are weighing legislation that would authorize $100 million of special purpose revenue bonds to build and operate the plant.