The lowest-rated state government moved a $1.2 billion GO certificate deal to the day-to-day calendar in the face of a skeptical buyside.

The state will cut its budget no more than 4% amid a revenue crisis, legislative leaders announced.

The “municipality fund” would use a modified Community Development Block Grant formula with 70% going to cities and towns with a population of over 50,000 and the remaining 30% to municipalities under 50,000 in population.

Two credits struggling with coronavirus-driven revenue shortfalls experienced very different outcomes in Tuesday's market. Taxable Penn State bonds showed the appetite for taxable munis is real.

Mark Kim, MSRB chief operating officer, predicted even more disclosures in the near future.

The IRS also announced temporary guidance providing relief for the calendar year 2020 regarding the reacquisition of qualified tender bonds and commercial paper.

Financial damage from the COVID-19 pandemic forced New Jersey Gov. Phil Murphy to retreat from plans to build up the state’s reserves.

The SEC encouraged issuers to provide investors with forward-looking information as to how the pandemic will affect future finances.