Public finance

Mayor Lori Lightfoot's proposed budget would forgo an inflation-formula-based property tax hike and make supplemental contributions to the city's pension funds.

The Municipal Securities Rulemaking Board's intends to spend $45.5 million over the course of FY2023.

Munis open October firmer, underperforming a UST rally, but September closed out the month with 3.84% losses — the single largest monthly loss since September 2008.

Missouri and Iowa closed out fiscal 2022 with balances that paved the way for tax cuts.

Inadequate public governance drives up the costs of U.S. transit projects, Eno Center for Transportation said in a report.

Triple-A yields rose more than three-quarters of a point on the front end and nearly half a point out long in September as munis posted 3.84% losses.

For the first three quarters, total issuance sits at $308.440 billion, down from $361.932 billion in 2021. Taxables are down 48.0% to $45.724 billion from $87.979 billion.

Upon integration, the Lumesis DIVER product suite will provide additional municipal asset class workflow, analytics related to price transparency, and regulatory-related solutions to SOLVE'S Market Data Platform.

The October event will feature private and public sector experts on education, community development and ESG.

In the competitive market Thursday, the New York Urban Development Corp. sold $1.443 billion of tax-exempt personal income tax revenue bonds.

The state spreads landed wide compared to a May sale, but remained far narrower than early in the pandemic and during the state's two-year budget impasse.

Houston has built up a $344.8 million general fund balance and reduced its unfunded pension liability to about $1.5 billion ahead of a possible economic slump.

Swain said the bondholders lien on revenues and the recourse nature of the bonds needs to be determined. The judge would likely order a plan confirmation hearing take place by June 2023. 

A larger new-issue slate led by large deals from the Texas Water Development Board and state of Illinois took focus away from the secondary.

The electric vehicle charging program allocates the biggest chunk of federal funds to Texas, at $407 million. California is next in line, with $383 million. No other state receives more than $200 million.

The temporary government funding bill includes money for expected recovery needs from Hurricane Ian's landfall in Florida this week.

Elevated secondary selling pressure on Tuesday forced more losses. Triple-A yields rose by as many as seven to eight basis points across the curve, moving the entire triple-A curve above 3% and the 30-year a dozen basis points shy of 4%.

The ruling "sends a strong signal to other states that trucking is not to be targeted as a piggy bank," said the president of the Rhode Island trucking association.

Chicago is leading the pack in pension fund problems.

With interest rates expected to keep rising, the deal will tap all of the remaining authorization from the $3.5 billion Rebuilding Michigan bond program.