Munis Mixed Ahead of Next Week's $8.2B Calendar
Top rated municipal bonds finished steady to stronger on Friday, according to traders, who once again looked ahead to a healthy new issue slate. Total volume for the upcoming week is estimated by Ipreo at $8.17 billion.
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Long-term municipal bond volume declined in April for the eighth consecutive month, as a rise in new-money issuance could not make up for a steep drop in refundings. more »
The Chicago Business Barometer declined 3.2 points in April to 50.4 led by weaker orders and employment. more »
Top rated municipal bonds were steady to stronger at mid-session, according to traders, who they once again look ahead to a healthy new issue slate. Total volume for next week is estimated by Ipreo at $8.17 billion, up from a revised total of $7.25 billion sold this week, according to Thomson Reuters. more »
The most recent March U.S. Personal Income report was about as expected but shows little strength into Q2. The Q1 Employment Cost Index did not show any signs of getting out of hand. more »
Demand for municipal bonds has been so strong in 2016 that not even the arrival of income tax season could put a stopper on the flow of money into the industry. more »
The municipal bond market is taking a day to digest this week’s beefy new issue calendar, which was dominated by large healthcare deals. more »
For the 30th week in a row, municipal bond funds reported inflows, according to Lipper data released Thursday, as demand for tax-exempts remained high through tax season. more »
The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, rose two basis points to 3.96% from 3.94% in the previous week. more »
Top-shelf municipal bonds finished stronger on Thursday, according to traders, as the last of the week’s new big issues came to market. more »
Dustin McDonald, the current director of the Government Finance Officers Association’s federal liaison center, is leaving GFOA on Friday to lead the marijuana technology company Weedmaps’ government relations practice. more »
The Treasury Department auctioned $28 billion of seven-year notes, with a 1 5/8% coupon and a 1.634% high yield, a price of 99.940670. more »
Top-shelf municipal bonds remained stronger at mid-session, according to traders, as the last of the week’s new big issues were coming to market. more »
The Treasury Department Wednesday auctioned $15 billion of two-year floating rate notes with a high discount margin of 0.190%, at a 0.190% spread, a price of 99.999997. more »

Career Zone


Brian Fraser, co-chair of the litigation department at Richards Kibbe & Orbe LLP, examines the challenges of distinguishing a loan from a bond and a loan from a security, in a chat with Bond Buyer northeast regional editor Paul Burton.

Worst case, to-maturity debt service calculations that ignore the issuer's optional redemption feature lead to flatly wrong calculations for critical items like expected capital cost, refunding savings, and simple, basic principal and interest payments.

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