Public finance

A supply/demand imbalance allowed New Jersey and Massachusetts to reprice to lower yields while the beleaguered New York MTA will head back to the Fed for liquidity.

With both houses now under GOP control, Gov. Chris Sununu will have an easier time with his agenda.

The state's uncoordinated approach to allocating private activity bonds and funding affordable housing let $2.7 billion of authority go to waste, she said.

Comptroller Stringer said Mayor de Blasio can present his updated Financial Plan with a path to a balanced budget for fiscal 2022 without cuts to essential services, layoffs of city workers, or borrowing to support operating expenses.

The strong demand amid a dearth of new municipal issuance by states and a reach for yield also allowed New Jersey to skip a planned taxable portion and officials announced it would not need to access the Fed's Municipal Liquidity Facility.

The state's backlog of unpaid bills will grow to $35 billion by 2026 if it doesn't make any structural budget fixes, according to a new forecast.

Chicago Mayor Lori Lightfoot is promoting a $950 million restructuring that adds three years to the city's debt service schedule as present value neutral when factoring in savings from a more traditional $750 million refunding.

The authority is altering many of its operations and organizations, including exploring public-private partnerships and renewable energy resources.

Municipals were steady to stronger ahead of $11.5 billion of supply as requests for new municipal bond identifiers surged almost 40% last month.

The Long Island county received its third credit downgrade this year as lawmakers prepared a 2021 budget with massive cuts to cope with virus-induced revenue losses.

A federal judge has set a Feb. 10 deadline for the Oversight Board to file “an informative motion presenting a term sheet disclosing the material economic and structural features of an amended plan of adjustment.”

Local governments are facing calls for tax relief as the pandemic slows the economy and they implement property tax reform legislation.

AASHTO elected only the second woman to serve as its president, and its first Black vice-president in its 106-year old history.

California voters have approved a second infusion of bond funding for stem cell research.

Municipals firmed Friday, with yields falling by as much as two basis points, as coronavirus threats grow and a flight-to-safety resumes.

Mayor Lori Lightfoot's budget plan strikes the right balance between structural and one-time measures amid the coronavirus, says Jennie Huang Bennett.

The $4.3 billion deal will test the state's low bond ratings — punctuated by another downgrade — against the municipal market's continuing demand for paper.

Infrastructure investment is likely going to be an early priority for Biden.

Municipal bonds strengthened Thursday as yields fell by as much as four basis points on AAA curves but coronavirus vaccine rally in stocks slowed and UST, munis regained ground.

A majority of the new Oversight Board members may be more creditor friendly.