Finance

Top-rated muni yields fell by as much as 10 basis points on the AAA curves on Wednesday the largest move better for the market since late April, early May. ICI reported $1.2B of muni bond fund inflows.

Mark Nitcholas will will focus on local and state governments, state agencies and school districts within Texas and the Southwest.

The only major deal slated on the calendar, the Maine Turnpike Authority, came to market on Tuesday.

The move would not resolve structural budget gaps, according to the rating agency.

Municipals were weaker in the 10-year range by as much as one basis point on Monday as all eyes fixate on election results.

From feast to famine, ahead of the elections, the new-issue slate dries up while the secondary held steady.

Long-term municipal bond volume is on pace to set a new record of yearly issuance, thanks in part to issuers rushing to market before the election and a continued taxable boom.

Moody’s on Thursday joined Fitch and S&P Global Ratings in moving the city’s rating outlook to negative. It has rated Chicago at speculative grade since 2015.

New Jersey said it expects to issue up to $4.5 billion of tax-exempt and taxable bonds the week of Nov. 18 under the COVID-19 Emergency Bond Act.

By putting a negative outlook on its BBB-minus rating, Fitch leaves Chicago little room to avoid being saddled with a second speculative-grade rating.

Taxables march on while ICI reports billions of inflows and secondary trading shows long-end strength.

Municipal bonds were steady to stronger on Tuesday. Taxable issuance continues its record growth, putting overall issuance on pace to be the largest year on record.

State housing and economic development Secretary Mike Kennealy will lead the search for a successor at the commonwealth's finance and development agency.

Municipals were in a holding pattern ahead of this week's $15.8 billion new-issue slate as issuers pour debt into the market and investors remain cautious ahead of election results.

The two-notch lowering to A-minus precedes the transit agency's planned $258 million negotiated sale of transportation revenue refunding green bonds.

Revenues for the year came in $8.7 billion above projections in the fiscal 2021 budget, but expectations were down.

The city needs to continue meeting pension commitments and moving to structural budget balance despite the coronavirus pandemic, the rating agency said.

Municipals held firm Friday as the market gets set for another week of hefty supply. Citi anticipates $550 billion in 2021, led by surge in taxable issuance.

Municipals were little changed on Thursday as the supply surge continued ahead of the U.S. elections.

The current deal deluge is causing a minor yield pullback, but levels have been steadier than many probably thought, trader said.