Hillary Flynn

Hawaii's $1 billion general obligation sale, the biggest deal of the week, met with high demand in retail pricing Wednesday, even though traders said some of the bonds were unusually pricey.

There will be retail appetite for the $379.6 million New York City Municipal Water Finance Authority water and sewer system resolution revenue bonds during their retail order period on Wednesday even though retail brushed off the New York City Transition Finance Authority bonds last week, traders said.

After a day off from trading on Tuesday because of Veterans Day, the market is back in full swing on Wednesday morning, strengthening soon after it opened, and the largest deal of the week is scheduled for retail orders.

The bond market is closed on Tuesday, but traders have told The Bond Buyer they do not see this holiday impacting trading levels for the rest of the week.

Academy Securities, the broker-dealer and certified Disabled Veteran Business Enterprise, has completed a $2 million Series A financing and expanded its board of directors.

The taxable portion of the $1 billion Hawaii general obligation deal will generate more interest than the tax-exempt part, traders said.

This is the time to invest in high-grade bonds in the secondary, but market participants have to act soon, traders said.

The midterm elections dominated traders' attention this week as Republican’s seized control of the U.S. Senate, fanning concern that the municipal tax exemption may be changed. One of the larger deals planned for next week was placed on day-to-day status.

The employment situation report brought the municipal market's sell-off to a halt, according to traders.

Municipal bond fund inflows rose after declining for three straight weeks.

Municipal bond fund inflows rose after declining for three straight weeks.

The weekly average yield to maturity of the Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, rose three basis points the week ending Nov. 6 to 4.38%.

Municipal bonds weakened Thursday amid investor concern that a report on employment scheduled to be released on Friday morning may worsen the selloff.

Health and Higher Education Authorities' bonds are dominating both the primary and the secondary muni markets Thursday morning.

The largest deal of the week, the $850 million New York City Transitional Finance Authority may be complete, but the primary is still packed with a good amount of issuance scheduled for Thursday. Competitive deals are dominating the space, led by the$ 821.9 million Montgomery County, Md., general obligation issuance, but investors will have plenty to choose from.

The New York City Transitional Finance Authority’s $850 million deal was oversubscribed in institutional pricing after two days of retail order that traders described as “rough.”

Republican Bruce Rauner’s defeat of Illinois Governor Pat Quinn in Tuesday’s election is a positive for Illinois credits investors said, though it will be awhile before bondholders reap any benefits.

Municipal bond traders are focused on the New York City Transitional Financing deals' institutional pricing Wednesday, even as they look ahead to Friday's employment situation report. Otherwise there are some large higher education and health deals which may provide some yield.

Investors found the $100 million Cerritos Community College bonds one of the more attractive deals of the day, saying community colleges in general are strong credits because their attendance has held up amid an decline for higher education institutions in general.

Yields were raised on the $700 million New York City Transitional Finance Authority future tax secured subordinate bonds as the municipal market continued to sell-off on Tuesday, and traders are conflicted over whether or not this means retail is interested in the bonds.