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Existing home sales fell 8.5% last month as the Philadelphia Fed said its indexes fell to record lows in April.

A disclosure filed with the MSRB said two rehabilitation and nursing facilities in Massachusetts were unable to make a scheduled payment due to the coronavirus pandemic.

The Illinois penalty that raises borrowing costs for all issuers in the state may widen as local agencies and governments face likely cuts in state support.

The state doesn't expect any short-term borrowing to cover the current fiscal year, Gov. Ned Lamont said.

The New Jersey Infrastructure Bank has implemented a backstop municipal note program aimed at bringing fiscal stability to the state’s local governments as they grapple with the COVID-19 pandemic.

Despite severe budget stress, the city and state can take some meaningful actions, such as reviving the restaurant industry, expanding the role of P3s and rebuilding multi-purpose infrastructure, analysts say.

Tom Kozlik from Hilltop Securities explores the effects of Washington variables such as political risk on states and localities. He also discusses rating agencies and muni disclosure. Paul Burton hosts.

Daily report for April 21, 2020.

A stratified credit differentiation can be expected to linger for the foreseeable future until revenue streams in sales-tax and other project-backed bonds are more fully restored. Pension obligation bonds are back in California.

Florida’s attorneys cite flaws and errors in a special master’s report to support overturning its conclusions.

S&P cited the state's growing structural budget gap resulting from an oil price plunge.

Sales taxes are a pillar of the Texas state budget, and the usually stable revenue source has taken a hit from the COVID-19 pandemic.

The $500 billion SMART Fund would be divided equally into thirds based on population, COVID-19 cases and state revenue losses.

Mayor Eric Garcetti announced plans to furlough thousands of city employees because of coronavirus-driven shortfalls.

Fed officials also talk about the muni liquidity facility and efforts to help the economy in the wake of the COVID-19 pandemic.

Hard on the heels of last week's successful California sale, the municipal bond market will see some much needed supply head its way this week.

Bexar County Commissioner Justin Rodriguez will join Dallas Mayor Eric Johnson on Locke Lord's Texas public finance team.

Phil Murphy is developing an emergency borrowing plan to combat revenue loss amid the coronavirus pandemic.

Daily report for April 20, 2020

While many new-issues are still on the day-to-day calendar for next week, more are being slated to price on specific days, signaling that dealers and issuers are ready to again test the primary.