Benchmarks showed again that the short end was being hit hardest — 30 basis points up on the one-year and at least 10 up on the long end, but the entire curve was being cut drastically. The primary market was again at a standstill.
Questions about the impact of COVID-19 surround the state-run authority, which operates New York City transit and is one of the largest municipal issuers.
Airports have nearly $100 billion in infrastructure debt that requires about $7 billion in airport bond principal and interest payments this year.
Authority Chairman Patrick Foye cited plummeting revenue as riders stay home because of COVID-19
The municipal market is dealing with a major liquidity event, with massive short-end selling.
GLWA has the flexibility to come to market as early as this week, but is monitoring the market in light of the COVID-19 impact.
Hotels and restaurants are losing as much as 50% of their business in the District of Columbia due to the coronavirus.
The municipal finance industry is dealing with minute-by-minute news of state-wide school closures, shuttered restaurants, curfews and canceled events. New issues are increasingly being put on the day-to-day calendar.
Muni market players may have to rely on more than their basic instincts as the economy heads into stormy weather.
Chicago Mayor Lori Lightfoot's administration is stressing the city's improved liquidity and jolt of refinancing savings provide a cushion to manage the near-term tax losses.