Public finance

The securities industry accounted for roughly $28.8 billion in state tax revenue and $5.4 billion in New York City tax revenue for fiscal 2023, state Comptroller Thomas DiNapoli estimated.

In celebration of Women's History Month, The Bond Buyer invited one of the icons of public finance, Suzanne Shank, to talk about the importance of women in the municipal bond business. She reveals what led her into the municipal bond business and discusses her firm's continuing commitment to munis and strategy for growth. 

Laws banning banks from underwriting municipal bond deals because of their fossil fuel or firearm policies dramatically boosted underwriting spreads, a business group's study said.

The traditional tax exemption "does take some of the volatility out," said Mark Ritacco, chief government affairs officer for the National Association of Counties.

Analysts ponder what the Fed will do this year with a March cut ruled out amid recent reports of higher-than-expected inflation.

The New York MTA has not sold fixed-rate transportation revenue bonds since February 2021. The first maturity of that deal (4% 11/15/44) priced at +81 and was evaluated at +78 as of Wednesday by BVAL, according to CreditSights strategists. The same maturity but with a 5% coupon was priced at +59 to BVAL.

California State Senate suggests deficit-shrinking cuts ahead of formal budget.

Marc Livolsi was promoted to lead U.S. Public Finance New Issue Marketing and Business Development, and Evan Boulukos will lead Assured's Secondary Markets desk, both of whom will report to Chris Chafizadeh, senior managing director and co-head of Public Finance.

Municipal bond buyers looking for yield need look no further than the OTB's non-rated tax-exempt revenue bond deal that's set to be priced this week.

The state Supreme Court ruled that prevailing wage rules for public projects don't apply to private entities that borrow using tax-exempt conduit bonds.

"While rate volatility returned this week, should the market return to range-bound levels for a protracted period of time, investors might want to add exposure to sectors that provide the most value and have underperformed thus far," Barclays said. 

"Insurance rationing by the leading insurers is becoming the mechanism by which climate risk is starting to impact municipal issuers," said Triet Nguyen, vice president of strategic data operations at DPC Data.

Fitch analysts cited improved financial metrics, a full recovery on enplanements and great clarity on its capital program.

"My 'One Philly Budget' invests $2 billion over five years in new operating and capital dollars focusing on five pillars — public safety, clean and green, economic opportunity, housing and education," said Mayor Cherelle Parker, the city's first woman mayor.

Gov. Tina Kotek sent a letter to transportation commissioners asking them to scrap a tolling plan for Portland-area highways that was seven years in the making.

Inflows continued for the third consecutive week as LSEG Lipper report fund inflows of $295.5 million for the week ending Wednesday with high-yield hitting the 10th consecutive week of positive flows.

Under a settlement agreement, the Texas Education Agency assigned two conservators to oversee IDEA Public Schools, which was the target of a probe into alleged financial and operational improprieties.

In an April 2 special election, voters in Jackson County, home of Kansas City, will decide whether to impose a sales tax to fund a new baseball ballpark.

BofA Securities is the latest firm to scoop up former employees from Citi, which decided to shutter its muni division late last year.

Separately, Fitch raised Orlando's $159.87 million of Series 2017A senior tourist development tax revenue bonds, 6th-cent contract payments, to A from BBB.