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The city council's budget and finance committee approved the increase and now the matter is headed to the full council.

State Comptroller Thomas DiNapoli's annual report reinfornced the transit authority's struggles that took hold during the pandemic.

The New York City Housing Development Corp.'s chief operating officer, who died Friday, understood bond financing nuances and "connected people and ideas."

Daily report for September 29, 2021

NOTICE IS HEREBY GIVEN to the holders of the Bonds of the New York City Municipal Water Finance Authority (the “Authority”) set forth in the Schedule below (the “Refunded Bonds”) that there has been deposited with U.S. BANK NATIONAL ASSOCIATION, as Trustee and Escrow Agent, moneys and/or Defeasance Obligations, as permitted by the Authority’s Water and Sewer System Second General Revenue Bond Resolution, adopted by the Authority on March 30, 1994, as amended and supplemented to the date hereof (the “Resolution”), which are sufficient and available to pay the principal amount thereof (the “Redemption Price”) and interest due on the Refunded Bonds on December 15, 2021 (the “Redemption Date”). The Refunded Bonds are deemed to be paid in accordance with Section 1201 of the Resolution. The Trustee has been irrevocably instructed to redeem the Refunded Bonds on the Redemption Date and at the Redemption Price, plus accrued interest thereon to the Redemption Date.

Municipals have not tracked directly with the UST moves, where the 10- and 30-year UST has risen 24 and 26 basis points, respectively, from Wednesday. Municipals have seen yields rise by 16 and 11 basis points.

The growing P3 sector would enjoy a boost across many markets, including rural broadband, under P3-friendly provisions in the bipartisan infrastructure bill.

The Plan of Adjustment confirmation hearing will still begin on Nov. 8.

City department heads are being asked to identify projects that would be eligible for federal funding.

The district follows up on a taxable refunding with some new money and refunding as the ink dries on pension legislation that removes the threat of insolvency.

Chris Johns and JT Thompson, portfolio managers at the Aquila Group of Funds talk about the possible return of a BABs-like program and if it’s good or bad news for the tax-exempt bond market. They also discuss infrastructure, tax-exempt advance refundings and monetary policy. (21 minutes)

Daily report for September 28, 2021

Federal Reserve Bank of Dallas President Robert Kaplan cited his desire “to eliminate any distractions” at the central bank just hours after his Boston Fed counterpart, Eric Rosengren, said he will leave earlier than planned because of a health issue. They had engaged in stock transactions that drew criticism in light of their knowledge about the Fed's pandemic response.

The high-grade muni scales saw cuts of up to four basis points in a continued selloff Monday as the market faces a robust slate of new issues.

The move could push the Plan of Adjustment, and debt restructuring, closer to the finish line, although the Senate president listed eight more concessions he wants.

A merger of Beaumont Health and Spectrum Health would form the largest system in Michigan with 22 hospitals and $12 billion of revenue.

Dan Hynes, who was a deputy governor in J.B. Pritzker's administration, will work in public finance and corporate investment banking at Jefferies.

The rising risks of climate change are more apparent as Texas' largest wholesale public power provider comes to market with $248 million of revenue bonds.

Goldman Sachs Asset Management, BlackRock, Lord Abbett, Morgan Stanley Investment Management and Vanguard have partnered with Loop Capital and Siebert Williams Shank to send a survey to issuers on racial equity and inclusion.

Congress this week will take up bills closely watched by the muni market, including infrastructure, budget and debt ceiling measures.