Bonds

A record number of tourists came to New York State last year, pumping more than $78.6 billion of direct spending into the local economy. The 291.5 million tourists who visited the Empire State also generated roughly $123 billion in financial impact for the economy in 2022, according to reports issued by Tourism Economics on Wednesday.

Municipals were slightly weaker in spots Wednesday, largely ignoring the mixed reactions of other markets following the release of a hotter-than-expected consumer price index figure. The focus was on the primary where the Dormitory Authority of the State of New York priced for institutions with yields lowered by up to five basis points from the

The North Carolina Local Government Commission approved more than $1 billion in bond requests from the cities of Charlotte and Durham on Tuesday while returning financial control to the town of Robersonville. Charlotte submitted two requests, one for airport projects and another for improvements at the Spectrum Center arena. The LGC approved Charlotte’s request to

Banks’ pandemic-era bond investments are still hampering some lenders, dragging down the profitability of those that are saddled with low-yielding portfolios for months or even years to come. The concerns are far less severe than they were in March and April, when the failure of Silicon Valley Bank brought scrutiny of surviving banks whose large

The Oklahoma Turnpike Authority could be in the municipal market as early as next month after winning conditional approval for $500 million of revenue bonds from a state oversight board. Monday’s approval by the Oklahoma Council of Bond Oversight in a 3-1 vote is subject to the resolution or dismissal of a petition for a

Virginia lawmakers have passed a final budget for fiscal year 2024, finding compromises on tax cuts and new spending initiatives after months of debate between the state’s politically divided government. The state’s Democratic-controlled state Senate and GOP-led House of Delegates failed to agree on a budget at the end of their legislative session in February,

Responding to a migrant influx estimated to cost New York City about $12 billion over the next three fiscal years. Mayor Eric Adams directed every agency to implement a 5% cut in future spending for the next financial update. The cuts will be accomplished through the so-called “program to eliminate the gap” (PEG) with a

Municipals were steady Friday ahead of a smaller new-issue calendar. U.S. Treasuries and equities ended mixed. The two-year muni-to-Treasury ratio Friday was at 63%, the three-year was at 64%, the five-year at 65%, the 10-year at 70% and the 30-year at 90%, according to Refinitiv MMD’s 3 p.m. read. ICE Data Services had the two-year

Moody’s Investors Service revised its credit outlook on Pennsylvania to positive from stable and affirmed the state’s Aa3 issuer and general obligation bond ratings. There are about $10.7 billion of GOs outstanding. Additionally, Moody’s affirmed the state’s A1 and A2 ratings on its outstanding appropriation backed debt, the A1 rating on the Pennsylvania School District

Justin Erbacci, head of Los Angeles World Airports has announced he is leaving to run NEOM Airports, a regional airport being developed in northwest Saudi Arabia. The city airport department is in the midst of a massive $12 billion capital improvement program underway to make Los Angeles International Airport accessible to public transportation and improve

Voters in Maine will have a lot of material to chew over before they decide later this year if a public agency should take over service provided by investor-owned electric utilities. What they won’t necessarily get is a slam-dunk yes or no recommendation. Maine’s Office of the Public Advocate, a state office created to represent

Just eight years ago, BondLink Co-Founder and CEO Colin MacNaught left his post as assistant deputy treasurer for debt management in the Massachusetts’ treasurer’s office to build a firm that would bring greater transparency to the municipal bond markets and aid issuers in reaching more investors to attain better pricing. Today, the firm he started

New York City continued to see healthy job growth this year, according to a report issued by the New York State Financial Control Board. In the first half of the year, 175,800 jobs were created in the city, a 3.9% increase, exceeding the national growth rate of 2.8%, the Control Board heard at its yearly

Municipals were weaker in spots Thursday amid an active primary market that included two billion-dollar pricings for institutions and the return of outflows. U.S. Treasury yields fell and equities were mixed. The two-year muni-to-Treasury ratio Thursday was at 63%, the three-year was at 64%, the five-year at 66%, the 10-year at 70% and the 30-year

Enjoy complimentary access to top ideas and insights — selected by our editors. The top three trustee banks in the ranking have an average dollar amount of more than $20 billion in the first half of 2023. The average number of issues for the top three is 205.  Scroll through to see the top ten

Starting in October, New Jersey motorists will pay almost a penny more per gallon for gas following a worse-than-expected year for state fuel tax revenue, officials announced. State Treasurer Elizabeth Maher Muoio said in a statement on Friday that an adjustment of the state’s Petroleum Products Gross Receipt tax rate was necessary following depressed taxable

Airports are reviving plans to tap the $4 trillion municipal bond market to build and renovate runways, concourses and terminals as passenger traffic rebounds to levels last seen before the pandemic. During the first half of 2023, sales of airport bonds dropped to roughly $3 billion — less than a third of the amount seen

The Huntsville Healthcare Authority issued $190 million of hospital revenue bonds as it saw a financial rebound from tough post-pandemic conditions. The North Alabama-based public hospital operator, whose flagship Huntsville Hospital is the state’s second largest, structured the deal with a 2053 maturity and a mandatory tender date of June 1, 2030. Bond proceeds will

Enjoy complimentary access to top ideas and insights — selected by our editors. The top three co-managers in the ranking have an average dollar volume of more than $5 billion through the end of June 2023. The average number of issues for the top three is 228. Scroll through to see which co-managers are in

Investor-owned Georgia Power will recover capital costs associated with the over-budgeted construction of two new nuclear reactors from ratepayers, according to a preliminary agreement announced Thursday. Georgia Power and the Georgia Public Services Commission’s public interest advocacy staff agreed to a $7.56 billion cap on the amount of capital construction costs placed in the rate