Public finance

The Municipal Securities Rulemaking Board Thursday announced the members of its 2025 advisory groups.

New York Mayor Eric Adams, bolstered by lower-than-forecast spending on migrants, proposed a $114.5 billion budget for the fiscal year that begins July 1.

The muni market saw a record $507.585 billion of debt issued in 2024, up 31.8% from $385.061 billion in 2023, according to LSEG data. 

The top 10 advisors accounted for $249.421 billion of par or 59.3% of the total issuance with municipal advisors.

New York boasts four of the top 10 issuers, followed by California with two and one a piece for Florida, Massachusetts, Washington and New Jersey.

The state will try to convince the rating agency to lift its debt to AA, to match the rating others have assigned.

Munis "responded in part to a better UST session [Wednesday] but weren't in a position from a supply standpoint to attempt to match the 10-15 basis point rally in taxables," said Kim Olsan, a senior fixed income portfolio manager at NewSquare Capital.

It could be the year's largest unrated municipal bond deal.

Because of the disaster, income tax filing deadlines for Los Angeles County residents will be delayed to October, muddying the revenue picture for the state.

The bonds — $824.8 million tax-exempt and $400 million taxable — follow Orlando Health's major acquisitions of hospitals in Alabama and Florida.