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Muni Market to Get $8.2B of New Supply After Brexit Boost
Top shelf municipal bonds rallied on Friday, traders said, with yields on some maturities falling by as much as 17 basis points to record lows after Britain voted to leave the European Union.
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In one of the biggest rallies in recent memory, municipal bonds surged on Friday after Britain voted to leave the European Union. Yields on some top-rated municipals fell by as much as 17 basis points to record low levels, in a move that some analysts said signaled yields will remain near all-time lows for longer than anyone had expected, and that negative U.S. interest rates may be on the horizon. more »
Top shelf municipal bonds rallied on Friday, traders said, with yields on some maturities falling by as much as 19 basis points to record lows after Britain voted to leave the European Union. more »
Top shelf municipal bonds rallied on Friday, traders said, with yields on some maturities falling by as much as 20 basis points after Britain voted to leave the European Union. The yield on 10-year benchmark muni general obligation fell 17 to 20 basis points from 1.53% on Thursday, while the 30-year muni yield was 16 to 19 basis points lower from 2.23%, according to an early read of Municipal Market Data's triple-A scale. more »
WASHINGTON (MNI) - The latest U.S. durables goods data suggest a lack of momentum in manufacturing. more »
The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices was steady at 3.80% from the previous week. more »
Top-rated municipal bonds ended weaker on Thursday, traders said, with some last-minute deals of the week trickling into the market as Britain voted on a referendum on whether to stay or renounce its membership in the European Union. more »
Locke Lord LLP is pushing into Ohio with the opening of an office in Cincinnati as part of an expansion of its public finance practice in the Midwest. more »
Top-rated municipal bonds were weaker at mid-session, traders said, as the last deals of the week came to market while Britain voted on a referendum on whether to keep or renounce its membership in the European Union. more »
The pace of new single-family home sales swung lower in May to a 551,000 seasonally adjusted annual rate, slightly below the 560,000 rate expected, data released by the Commerce Department Thursday showed. more »
A few big deals were still left to be priced for Thursday, but most municipal bond market participants were wait to see the results of the referendum vote on Britain's membership in the European Union. more »
WASHINGTON (MNI) - Initial claims for U.S. state unemployment benefits fell by 18,000 to a level of 259,000 in the June 18 week, data released by the Labor Department Thursday showed. more »
Fitch Ratings has assigned an 'A' rating to the following bonds issued on behalf of Stockton University. more »
The Treasury Department Thursday sold $7 billion of inflation-indexed 29-year, 8-month bonds at a 0.905% yield, an adjusted price of 103.449203, with a 1% coupon. more »

Bond Buyer Northeast regional editor Paul Burton, markets reporter Aaron Weitzman and Northeast regional reporter Andrew Coen examine the hot-button problem of public pension liability, including the lingering Illinois shadow, the New Jersey Supreme Court ruling, union pushback and Pennsylvania's bill to switch new employees to 401(k)-style plans.

As we await the final shoe to drop with regard to the SEC's MCDC initiative, the municipal market may be at a turning point in terms of disclosure.

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