Markets

The new-issue calendar is led by Washington with $1.3 billion of GOs selling by competitive bid in three series.

Piper Sandler will price $100 million of electric revenue bonds for Iowa public utility Muscatine Power and Water on Wednesday.

Longer-term bonds could ease financial pressure for Sound Transit's $54 billion long-range plans.

Munis enter this year with "strong credit fundamentals, elevated tax-equivalent yields, and a steeper curve that supports duration extension," said James Welch, municipal portfolio manager at Principal Asset Management.

Proceeds will help finance late stages of construction of city hall.

Yields have seen "intermittent volatility from broader macro and geopolitical crosscurrents, keeping sentiment cautious despite relatively muted headline moves," said James Pruskowski, managing director at Hennion & Walsh.

Potential buyers besides Emory University include Georgia-based health systems, other proton therapy operators and private equity firms.

While fixed-spread tenders may be a novelty for tax-exempt bonds, they have been around for over 40 years for corporate bonds.

Supply should be "well-received, given strong inflows and the increase in reinvestment capital for the new month," said Chris Brigati, managing director and CIO at SWBC, and Ryan Riffe, senior vice president of capital markets at the firm.