The tax-exempt market was steady Friday morning as traders said the market was waiting for bonds issued in the primary market earlier this week to start trading.
"Munis aren't buzzing today," a New York trader said. "We are waiting for the California Rans to free up."
On Thursday, the
Treasuries were stronger Friday morning. The benchmark 10-year yield and the 30-year yield dropped three basis points each to 1.81% and 2.93%, respectively. The two-year was flat at 0.30%.
"Folloing recent yield moves, a generic muni index is now down 1% on the month with no real sub-sector showing much deviation from that result," said Kim Olsan, senior vice president of trading at FHN Financial.
The law firm revealed 2024 promotions.
As the nation's fourth largest city faces a growing structural budget deficit, it is also expecting to issue more than $3 billion of debt for its airport, water and sewer system, convention center, as well as to fund a settlement with firefighters and for cash-flow purposes.
The extension of the current solar net metering system could lower revenue for the utility.
The finance team is "marketing slices of risk" to raise money to refinance its debt, investors said.
John Fleming is pushing back against a proposal in the state Legislature to change the way the state Bond Commission oversees the issuance of debt by cities, counties and local governments and entities.
