Finance

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The tentative schedule includes $2.3 billion of new money and $4.6 billion of refundings and reofferings, state Comptroller Thomas DiNapoli said.

It was inevitable that muni yields would need to rise somewhat as the UST 10-year broke above 1%, however participants said the supply/demand imbalance will keep munis from rising as quickly as Treasuries. More than $1 billion inflows reported.

John Hallacy, founder of John Hallacy Consulting LLC, talks about the most important opportunities and challenges the municipal bond market will face in 2021. He gives his estimate on where muni volume may be headed, discusses the possibility of a federal infrastructure program and talks about what to expect under a Biden Administration. Chip Barnett hosts. (Recorded Dec. 22; 22 minutes)

FOMC members backed maintaining asset purchases, although “a couple” were “open” to “weighting purchases of Treasury securities toward longer maturities,” according to minutes released Wednesday.

Without the benefit of a larger new-issue calendar, secondary trading is likely to continue the theme of the final two months of 2020: more bidders than bonds.

LACMA, one of Los Angeles' most prominent museums, will refund debt and move forward on construction of a building for its permanent collection.

Texas saw sales tax revenue fall 5% in December, ending a dark year of pandemic and lower oil prices.

From the Centennials to the COVID generation, the municipal market's demographics will change dramatically in the next decade as will the way investors view investing in munis.

Federal Reserve Bank of Chicago President Charles Evans says monetary policy will need to remain “accommodative for quite a while,” since inflation won’t hit a 2% average for “a long time.”

The new-issue calendar builds from almost nothing to $2.4 billion in the first week of the New Year, with deals ranging from education to taxables to social bonds on tap for investors.

After one of the worst sell-offs in municipal market history as COVID-19 began its rampage in March, the market rebounded to set the all-time record.

Dominick D'Eramo, head of fixed income at Wilmington Trust Investment Advisors, talks with Chip Barnett about how the municipal bond market did in 2020 and what may be on tap for munis in the new year. (12 minutes)

Municipal bond funds saw $2.086 billion of inflows in the week ended Dec. 22, the Investment Company Institute reported Wednesday after a $2.517 billion inflow the week prior.

Lincoln Way school district in suburban Chicago moved further back up the investment grade ladder with a Moody's Investors Service upgrade.

While there are no major sales on the calendar for this week, some larger deals from and Texas, California, New Jersey and Colorado issuers are on tap for the first few weeks of 2021.

Philip Howard, chairman of nonprofit Common Good, calls on the incoming Biden administration to improve public agencies, schools and hospitals by reducing cumbersome red tape. Paul Burton hosts. (18 minutes)

Refinitiv Lipper reported tax-exempt mutual funds saw $1.288 billion of inflows in the week ended Dec. 23, the seventh week in a row investors put cash into the funds.

IHS Ipreo estimates the week's bond volume at $7.3 million in a calendar composed only of small negotiated deals.

Garden State revenues increased in November based on recently enacted tax increases, but analysts say a sustained fiscal rebound hinges on progress confronting the COVID-19 pandemic.