State of New Jersey

The new corporate tax incentive legislation includes an annual cap for a key component, in an effort not to repeat the mistakes of its predecessor program.

Garden State revenues increased in November based on recently enacted tax increases, but analysts say a sustained fiscal rebound hinges on progress confronting the COVID-19 pandemic.

A supply/demand imbalance allowed New Jersey and Massachusetts to reprice to lower yields while the beleaguered New York MTA will head back to the Fed for liquidity.

The strong demand amid a dearth of new municipal issuance by states and a reach for yield also allowed New Jersey to skip a planned taxable portion and officials announced it would not need to access the Fed's Municipal Liquidity Facility.

Municipals were steady to stronger ahead of $11.5 billion of supply as requests for new municipal bond identifiers surged almost 40% last month.

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

The $4.3 billion deal will test the state's low bond ratings — punctuated by another downgrade — against the municipal market's continuing demand for paper.

Municipal bonds strengthened Thursday as yields fell by as much as four basis points on AAA curves but coronavirus vaccine rally in stocks slowed and UST, munis regained ground.

John Hallacy, founder of John Hallacy Consulting LLC, and Andrew Coen, Bond Buyer Northeast regional reporter, talk about next week’s $4 billion COVID-19 emergency GO and taxable social bond sale by New Jersey. Chip Barnett moderates the discussion on what it means for the state and whether the issue will become muni bond market benchmarks with an extra appeal to international investors. (15 minutes)

S&P Global Ratings downgrades the Garden State's general obligation bonds one notch to BBB-plus from A-minus.

The legalization is projected to generate about $120 million for the fiscally stressed state once the market gets established, which won’t be for another two to three years.

New Jersey said it expects to issue up to $4.5 billion of tax-exempt and taxable bonds the week of Nov. 18 under the COVID-19 Emergency Bond Act.

New Jersey had a choice between the Federal Reserve’s Municipal Liquidity Facility and the muni market for its upcoming $4 billion borrowing.

New Jersey's $32.7 billion budget for its shortened nine-month fiscal 2021 includes the state's largest reserve levels in more than a decade as a backstop for revenue hits that may result from a possible second wave of coronavirus.

Analysts warn that borrowing planned in a revised New Jersey budget will result in lasting fiscal distress as it pays back the debt.

The deal struck by Gov. Phil Murphy to increase marginal rates on income over $1 million is not expected to make a material difference to the state deficit.

A proposed financial transaction tax in aimed at bolstering tax revenues could cost the state Wall Street business, analysts warn.

Former New Jersey Department of Treasury senior staffer Bobby Rand explains why he thinks Gov. Phil Murphy’s $4 billion borrowing proposal to offset lost revenues caused by the COVID-19 pandemic will exacerbate the state’s fiscal woes.  Andrew Coen hosts. (29 minutes). 

Gov. Phil Murphy’s administration faces a fast-approaching deadline to choose its debt strategy: long-term GO bonds or the Fed's Municipal Liquidity Facility.

A new state revenue forecast could put a crimp in the governor's $4 billion emergency funding bond plan.