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Daily report for March 28, 2022

The board said the projects will result in up to $387 million of savings over a 15-year period.

Next week's potential volume is slated to be more than $8 billion, led by $1.25 billion of taxable and tax-exempt future tax-secured subordinate bonds from the New York City Transitional Finance Authority.

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 TRUST COMPANY, NATIONAL ASSOCIATION, as successor in interest to U.S. Bank National Association, as Trustee and Escrow Agent, moneys and direct obligations of the United States of America, 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”), the principal of and interest on which, when due, will provide moneys which, together with the moneys deposited with the Escrow Agent at the same time, shall be sufficient and available to pay the principal amount thereof (the “Redemption Price”) and interest due on the Refunded Bonds on June 15, 2022 (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.

The New York Fed has called on regulators to issue updated rules on money market funds, but the market effects are quickly transforming the market.

Ten states, includeing five in the Southeast, pre-pandemic employment levels in January, according to Fitch Ratings. In an update, the U.S. Labor Department reported Florida’s seasonally adjusted unemployment rate fell to 3.3% in February.

Even deals that go bankrupt can be seen as successes in the U.S. P3 market, which may face an "inflection point" with the new infrastructure law.

Some critics say relying on federal aid may obscure the underlying problems Puerto Rico faces in the longer term as it emerges from bankruptcy.

Daily report for March 25, 2022

Outflows continued, with Refinitiv Lipper reporting investors shed $1.503 billion from municipal bond mutual funds in the week, following outflows of $2.136 billion in the previous week. High-yield saw small inflows.

Illinois lawmakers are advancing a bill that allocates $2.7 billion of the state's ARPA relief to pay down a $4.5 billion federal unemployment insurance loan.

Senate Banking Chair Sherrod Brown said Thursday he expects a Senate vote next week to confirm President Biden’s Federal Reserve nominees, though the timing may be affected by GOP opposition to Lisa Cook, who would be the first Black woman on the Board of Governors.

Gov. Phil Murphy proposes to make an additional $1.3 billion deposit into the state’s Debt Defeasance and Prevention Fund.

The Memphis-based investment bank launches a new office with two municipal professionals on board.

A large portion of Long Beach's downtown has been reshaped using public-private partnerships that delivered a new state courthouse and a city civic center.

Daily report for March 24, 2022

Nuveen is asking a judge to toss Preston Hollow Capital's defamation claims as a summer trial looms.

Davey will oversee operations for the city’s subways, buses, paratransit services and the Staten Island Railway.

Any new debt deal already would require rate increases to cover debt service on the authority’s roughly $9 billion of debt.

More outflows from municipal bond mutual funds were reported as bid lists surpass $1 billion 22 times in 2022.