News and Information from Bond Buyer

Cities led the American recovery last year, Yellen told mayors at the U.S. Conference of Mayors winter meeting.

Glenn Youngkin outlined his administration's priorities in Virginia; West Virginia Gov. Jim Justice unveiled a slightly larger budget plan for fiscal 2023.

After more than four years of intense negotiations between many stakeholders, the Oversight Board's Plan of Adjustment gets the OK from Judge Laura Taylor Swain, moving the commonwealth closer to emerging from bankruptcy.

The 2-, 5- and 10-year UST is higher than before the pandemic began as investors factor in a rate hike as soon as March.

If Congress opts for a continuing resolution instead of a full-year appropriation, transportation lobbyists said they would ask for an exception so that IIJA funds can begin to flow.

To become law, the bill would have to pass the House of Representatives and Senate, gain the governor's signature, and avoid potential blocks by the Puerto Rico Oversight Board and lawsuits.

The Department of the Treasury’s warning letter to Arizona may be a warning to all states who defy the Biden Administration’s rules related to ARPA funding, but disclosure related to clawbacks could be a problem for muni issuers.

Revenue projections are higher but the good news comes with a warning that the state must proceed cautiously when spending one-time infusions of cash.

Aoifinn Devitt, chief investment officer at Moneta Group, discusses the Federal Reserve’s plans to raise rates this year, whether this was truly a pivot in Fed thinking, how the market reacted to this change and will how they will respond when rates go up, how new members on the Federal Reserve Board could impact Fed plans and what this all means for investors. Gary Siegel hosts. (28 minutes.)

The largest deal of the week comes from the New York City Transitional Finance Authority with $950 million of exempts and $250 million of taxables.

The junk-rated Chicago Public Schools sold $872 million of new-money and refunding bonds into a rockier market for high-yield paper Thursday.

The investment could repair 15,000 bridges across the country and requires states to set aside at least 15% for local bridges.

Lamont Financial Services Corp., Swap Financial Group and RBC Capital Markets moved up into the top 10.

The revised form is a step in addressing the massive backlog of paper Form 8038-CPs that were built up as a result of COVID-19 related shutdowns.

With its accreditation in jeopardy, North Idaho College had its outlook revised to negative by Moody's Investors Service.

BofA Securities led with $62.01 billion of deals. Out of the top five, only Morgan Stanley increased its market share year-over-year.

The Dormitory Authority of the State of New York overtook the state of California for the top spot. Four New York and four California issuers make up the top 10, while some newcomers join the list.

“Compromised systems can directly affect public finance entities in the near term,” says Fitch's Omid Rahmani, citing ransomware risks.

The city, which previously spent tens of millions of dollars to keep the NHL's Arizona Coyotes from leaving, will turf the team from its arena at season's end.

For investors in the municipal bond market, 2021 proved to be a year of hurdles. This is likely to change, particularly for investors in the municipal bond market.