Public finance

The municipal bond market will see a shortage of new supply kicking off the new year, after experiencing a record-breaking month in which almost $63 billion of bonds sold.

Issuers rushing to close PABs and refunding deals propelled issuance past the single-month record set before 1986 tax reform.

A second lawsuit was filed seeking to stop Gov. Chris Christie’s borrowing plans for new state office buildings.

Donald Guardian, who navigated challenging financial waters in New Jersey’s gambling hub for the past four years, has found a new role with another Garden State municipality 50 miles north.

The municipal bond market will see a shortage of new supply going into the new year, after experiencing a record-breaking month in which more than $61 billion of bonds sold.

While the new tax law may portend a difficult year for the municipal market, higher short-term rates and low supply should propel demand in 2018.

The state faces a $60 million hole in the current fiscal year and more than $200 million for fiscal 2019.

In the week ended Dec. 28, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index fell to 3.91% from 3.93% the previous week. The BB40 Index is based on the price of 40 long-term bonds.

With the primary market at a standstill Thursday, attention turned to the first major deal of the New Year, a planned sale by the New Jersey Economic Development Authority that’s being challenged in court.

Bond investors’ concerns about the territory's ability to make payments have grown since Hurricane Maria.

The Greater Cleveland Regional Transit Authority faces a $20 million budget gap because of changes in state tax distribution.

An expiring cap on New Jersey police and firefighter raises pressure on local government finances, according to Fitch Ratings.

The Connecticut governor cited recent changes to the state employee pension system as a parallel.

While there are no major bond issues on the slate for Thursday, one deal that is garnering some attention is next week's $381 million offering from the New Jersey Economic Development Authority

Muni yields dropped five basis points for the second day in a row, as volume and participants were scarce.

After granting an expansion franchise to Nashville, Major League Soccer has Cincinnati, Detroit and Sacramento on the hook.

Former Cobb County Chairman Tim Lee was fond of calling the decision to build a taxpayer-funded stadium for the Atlanta Braves the "biggest economic development deal in our county's history."

The latest estimate for Linn County's future Public Health and Child and Youth Development Services building has increased by more than 50 percent — from $20 million earlier this year to $31.5 million.

The USDOT's approval of the allocation triggered threats from opponents that legal action will be taken.

Yields have gone further south as minimal action occurs in the primary and the secondary, with most market participants on hiatus until after the New Year.