Municipal Bonds Finish Out Week Slightly Weaker
Prices of top-shelf municipal bonds finished stronger on Friday, traders said, with yields on some maturities falling by as much as four basis points. For the week, muni yields were slightly weaker.
Bond Buyer Markets Reporter Chip Barnett
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Municipal volume is expected to spike to $7.8 billion for the week of Aug. 3, with an almost billion dollar deal coming from the Pacific Northwest and five separate competitive issues from Minnesota totaling more than $1 billion. more »
Municipal bond volume increased in July from a year earlier, as new money issuance more than made up for a drop in refundings to the lowest monthly level of 2015. more »
Standard & Poor's Ratings Services said it raised its long-term rating and underlying rating to AA-minus from A-plus on Richmond, Texas' parity general obligation bonds. more »
Moody's Investors Service said it has downgraded to Baa1 from A3 the underlying rating on New Boston Local School District, Ohio's outstanding general obligation unlimited tax debt. more »
Prices of top-shelf municipal bonds were higher across the board at mid-session, traders said, as the market once again awaits hefty upcoming new issuance. more »
The University of Michigan's final July consumer sentiment index reading was 93.1, compared to the preliminary July 93.3, the final June 96.1, and the preliminary June 94.6, according to market sources. more »
The Chicago Purchasing Managers' Business Barometer rose to 54.7 in July from 49.4 in June, the National Association of Purchasing Management-Chicago said Friday. more »
Municipal bond traders on Friday were looking ahead to next week's new issue calendar, as muni yields were closing out the week mixed. more »
The seasonally adjusted Milwaukee Report on Business climbed to 47.1 in June from 46.6 in June, the Institute for Supply Management-Milwaukee reported Friday. more »
The U.S. second quarter employment cost index was below expectations at a 0.2% increase, with wages and salaries up 0.2% and benefits 0.1% higher, all very subdued results that argue labor market tightness is not severe. more »
The Midwest Economy Index slipped to negative 0.02 in June from an upwardly revised positive 0.20 in May, first reported as positive 0.17, the Federal Reserve Bank of Chicago said Friday. more »
Municipal bond funds suffered a reverse and saw outflows in the latest week, according to the latest Lipper data. Funds which report weekly saw $73.372 million of outflows in the week ended July 29, after seeing inflows of $125.410 million in the previous week. The prior week’s inflows were the first time in 12 weeks the funds had seen a cash infusion. more »
The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, decreased four basis points to 4.40% for the week ended July 30 from 4.44% in the previous week. more »

Orrick, Herrington & Sutcliffe LLP attorneys take a look at the Securities and Exchange Commission settlements with 36 municipal securities underwriters pursuant to the Municipalities Continuing Disclosure Cooperation initiative.

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