Finance

Lord Abbett’s Dan Solender and Eric Friedland join the Bond Buyer’s John Hallacy to discuss the market tone, rates, sectors, and credit quality. The colleagues give a frank assessment of the landscape, including federal policy, state financial trends, relative strengths of revenue bonds and the shape of the yield curve and the outlook for rates.

The state of Texas is selling the biggest deal of the week on Tuesday — a $5.4 billion note offering, which is also the biggest short-term sale so far this year.

The city priced refunding bonds for Philadelphia Gas Works.

Top-quality municipal bonds finished stronger on Monday, according to traders, who face a smaller-than-average bond calendar and a $5.4 billion Texas note deal this week.

Moody's says the South Carolina Public Service Authority’s delay on rates is a credit negative.

A big drop-off in Texas and a decline in refundings took a bite out of the municipal bond business in the Southwest.

Top quality municipal bonds were stronger at mid-session, according to traders, ahead of this week’s $4 billion new issue calendar.

State officials say they won't permit unlimited short-term borrowing.

The municipal bond market is looking at a smaller than average bond calendar this week, which will be dominated by the short-term note sector.

The state of Texas is riding into the market this week with the biggest short-term deal of the year.

The municipal market got off to a fast start in terms of issuance this year, picking up in January right where it left off from 2016’s record-setting totals. However, the pace of issuance has since slowed, leaving 2017 first-half volume lagging last year's levels.

Short-term note issuance rose less than 5% in the first half of 2017 as municipalities relies less on cash flow needs.

Although market conditions and a still relatively low interest rate environment continue to hamper the bond insurance industry, there continue to be encouraging signs including a slight uptick in the insurance penetration rate.

The $560 million deal is expected to sell later this month.

Primary municipal bond market volume is expected to drop to $4 billion in the coming week, as one gigantic note sale is expected to be larger than the entire bond calendar.

The governor's adjustment protects the state's neediest districts but hits others hard.

The region's slipping volume reflected a national trend.

Ipreo estimates total bond volume for next week at $4 billion, down from a revised total of $5.9 billion this week, according to data from Thomson Reuters. Next week’s calculations do not include note sales.

Muni traders on Friday are looking ahead to next week’s lighter new issue slate, which will be dominated by a note deal, rather than a bond sale.

Top-rated municipal bonds ended mixed on Thursday, traders said, as the last big deals of the week came to market.