March bond volume decreases 30% year-over-year

Municipal bond issuance in March was down 30% year-over-year as issuers dealt with Silicon Valley Bank collapse-induced volatility in the U.S. Treasuries market, rising interest rates, and uncertainty about the outcome of a Federal Open Market Committee meeting. Total volume for the month was $31.795 billion in 515 issues, down from $45.555 billion a year earlier, according to Refinitiv data.

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The Securities and Exchange Commission approved the establishment of new Municipal Securities Rulemaking Board Rule G-46, setting up the core standards of conduct for solicitor municipal advisors. The new rule also includes amendments to existing Rule G-8 on books and records, adding the recordkeeping requirements for Rule G-46.?

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New York State lawmakers look likely to miss the deadline to have a new budget in place before the start of the state's fiscal year Saturday. Last year the budget was approved a week late. "The governor and Legislature are discussing many important issues as they work to finalize the state budget, but they need to find common ground and resolve them soon," state Comptroller Thomas DiNapoli said in a statement Friday.

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The U.S. Virgin Islands Water and Power Authority board of directors approved long-term contracts for the building and use of solar and wind energy installations, which should cut the authority's costs and allow it to address some of its liabilities, its CEO said. When the projects are completed in about two years, the authority hopes the new power sources will provide about 30% of the authority's electricity, Andrew Smith told the board Thursday.

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New Jersey's wind energy industry is under fire following marine mammal deaths that the industry's opponents blame on the development of offshore platforms along the state's coastline. In the wake of the well-publicized fatal stranding of eight dolphins this month near Sea Isle City, New Jersey Republicans in Trenton and Washington cited the deaths as they introduced bills calling for a moratorium on the offshore wind industry, which is championed by Democratic Gov. Phil Murphy.

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Municipal bonds finished trading a bit stronger Friday as the market rode out the end of the month and the first quarter on a calm note as Treasuries strengthened and stocks surged.

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