Chip Barnett

The market looks forward to Thursday's $3.3 billion note deal from DASNY after handling a sizable calendar Wednesday.

Traders will be looking closely at Wednesday's FOMC meeting and whether the Fed will set target yields for some U.S. Treasury securities.

The new-issue calendar is filling up with deals formerly on the day-to-day slate, however net supply over the summer is expected to total negative $55B, including negative $15B in June, negative $21B in July and negative $19B in August.

In secondary trading municipals ended weaker after a strong employment report.

New deals thrive and inflows continue as Lipper reports $1.2 billion into municipal bond mutual funds.

Getting crisis leadership right is vital to the well-being of employees, customers, and ultimately the business itself.

Primary market deals generated strong demand, and municipals were little changed in secondary trading.

The fragility of the economy amid protests and the continuing coronavirus threats have dealers unloading some risk.

Some investors expressed concern over the market‘s muted reaction to the country’s depth of effects over the current crises.

Consumer spending plunged while the Chicago Business Barometer fell in May.

Municipal to U.S. Treasury ratios have been a focus for many participants of late. Historically attractive ratios, low supply, and continued fund inflows are creating some strength in the municipal market.

Richard Taormina, portfolio manager and head of tax aware strategies at JPMorgan Asset Management talks about the effects COVID-19 is having on credits in the municipal bond market and why crossover buyers think this an attractive asset class. Chip Barnett hosts.

Even with the news that New York City is looking to potentially borrow $7B through its Transitional Finance Authority as it faces $9B in lower revenues, the market didn’t blink and TFAs traded firmer.

Credit concern is being lost somewhat in pricing munis and traders said they are looking for alternative benchmarks, even turning to corporates and U.S. Treasuries to price the market.

The primary supply for the holiday-shortened week is projected to dip to just over $4 billion, with a mix of tax-exempt and taxable issuance led by Colorado’s $500 million of certificates of participation.

Taxable equivalent yields on exempts are close to converging into taxables.

Clark Hill senior counsel Andrew Maher will serve a one-year term.

Municipal to U.S. Treasury ratios were attractive, especially on the short end, which drove secondary yields lower.

Eric Fischer returns to the firm and will focus on municipal finance and tender option bonds.

The front of the municipal yield curve is 'astounding' and traders said dealers are uncharacteristically accepting the levels, likely due to the historically attractive ratios.