Finance

Munis were flat Monday as the entire curve was said to be undergoing a consolidation.

Paltry supply will force the secondary to handle the rest of 2020; New York City taxable general obligation bonds trade up by nearly 20 basis points on intermediate bonds.

The entire municipal exempt yield curve is seeing consolidation with a 125 basis point spread between one and 30 years, and sub-1% yields are holding firm inside of 15 years.

The high-yield deal will mark the junk-rated city's third post-bankruptcy general obligation issue on its own credit, without any external support.

ICI reported another $2.3 billion of inflows, new deals continue the march to lower yields and benchmarks rose a basis point seven years and out for the first time since the beginning of December.

The state of Illinois sold $2 billion of three-year notes to the Federal Reserve's Municipal Liquidity Facility at 3.42%.

Even with COVID-19-related shutdowns — a New York City lockdown may be imminent — issuers are pricing bonds into an extremely low-rate environment.

The state's largest authority pulled off a $1.23 billion issuance that included its inaugural green bonds, and it did so during the height of the coronavirus pandemic.

Munis firmed Friday, only the second time in December they weren't flat, and more than a few participants are waiting on yields to rise before getting involved, particularly given the rich muni/treasury ratios and low absolute yields.

Nelson, a 30-year veteran of the financial services industry, joins Hilltop's Encino, California, office.

Wisconsin will use new pools for negotiated transactions starting next year

Hawaii's governor announced that state employees would be furloughed two days a month; the state sold $750 million of GO bonds in October to fund operations.

Bid list volume is trending higher into the end of the year, but its share as measured against overall high demand does not pose much of a threat, analysts say. Refinitiv Lipper reports $992 million of inflows.

Moody's dropped the Chicago Archdiocese' rated debt by three notches to Ba1.

Conduit issuer Trust for Cultural Resources for the City of New York will issue the $77 million green transaction.

Muni benchmarks were steady while new deals re-priced to lower yields in a tale of two markets. ICI reported more inflows.

Predictably, the rating agency cited COVID-19 effects in its downgrade to AA-minus from AA.

Strong technicals, low supply, yield-seekers keep munis outperforming.

The outlook revision to New York's AA GO bond rating marks the latest hit to a city coping with a rise in COVID-19 cases and financial uncertainties.

The primary's diversity of credits and size relative to November has grown, but it is just not enough to push yields higher as redemptions flood the market. Some analysts still say a mild correction at least is due.