Jessica Lerner

The large primary was led by two $700-plus million of revenue bonds from the Port of Seattle and the Georgia Ports Authority.

Summer redemption season starts winding down; Net negative supply stands at $18.777 while 30-day visible is at $12-plus billion.

Municipals will end July with positive returns across all sectors. The Bloomberg Municipal Index shows a 2.49% return in July, moving year-to-date losses lower to 6.71%.

Total July volume was $25.598 billion in 520 deals versus $37.573 billion in 1,013 issues a year earlier, according to Refinitiv data.

Investors added $236.491 million to municipal bond mutual funds, per Refinitiv Lipper data, versus the $698.782 million of outflows the week prior. High-yield saw inflows hit nearly $550 million.

Municipals are poised to end July in the black. Demand for muni product has been strong this summer, with analysts expecting supportive market technicals through August with a likely continuation of positive performance.

With the Fed committed to fighting inflation with aggressive rate hikes, fewer issuers want to take the risk with taxable advance refundings.

Investors sit on the sidelines, waiting to see how much the Fed will hike rates. The consensus appears to be another 75 basis point rate hike, though a full point hike could be on the table.

Only two firms remained in the same spot at this point last year: Orrick Herrington & Sutcliffe and Norton Rose Fulbright.

With the Fed rate decision coming this week, issuers are sitting on the sidelines in both primary and secondary Monday with little changed yield curves.

Munis were firmer to end the week but underperformed U.S. Treasuries.

Investors pulled $698.782 million out of municipal bond mutual funds, per Refinitiv Lipper data, versus the $206.127 million of inflows the week prior. High-yield saw small inflows.

The top two bond insurers — Assured Guaranty and Build America Mutual — accounted for $17.132 billion of deals in the first two quarters.

The Investment Company Institute reported investors added $543 million to muni bond mutual funds in the week ending July 13 compared to the $1.061 billion of outflows in the previous week.

Looking forward, a myriad of factors, including spiking fuel prices, fallout from the Russian invasion of Ukraine and the heat wave, “will facilitate recessionary(ish) economic outcomes by year end," noted an MMA report.

Estrada Hinojosa & Co., Stifel Nicolaus & Co. and CSG Advisors Incorporated moved into the top 10.

Munis are improving, but positive second-half municipal returns likely won’t be enough to offset the major losses of the first half of the year.

Investors will be greeted Monday with a new-issue calendar estimated at $7 billion. While issuance will likely come in above average this month, negative net issuance is still expected.

Investors added $206.127 million to municipal bond mutual funds, according to Refinitiv Lipper data.

Primary market takes focus for large revenue deals from the New York State Thruway Authority and the Colorado Health Facilities Authority.