Markets News from Bond Buyer

"The rates market has started to turn from the upper end of the trading range this week," Barclays strategists wrote, but with the war with Iran still driving the market, nothing is certain.

The deal comes as high-yield muni investors are hungry for paper.

Nearly 21% of muni volume traded electronically in the first quarter, up from the previous quarter and surpassing the previous record set in the fourth quarter of 2023, according to a Coalition Greenwich report by Kevin McPartland and Neha Jain.

New research from The Bond Buyer finds the federal policy environment once again threatens the tax-exempt status for municipal bonds.

Munis and U.S. Treasuries have been more reactive to geopolitical news than to economic data that traditionally moves the market, according to MMA's Kevin McGuigan.

The commission approved several issues for Charlotte.

The bond sale follows an upgrade by S&P Global Ratings but comes while the city is in the midst of an extreme drought.

The muni new-issue market got a breather after a heavy supply day on Tuesday, according to Franklin Templeton's Jennifer Johnston.

Spirit's ceasing operations after a failed $500 million bailout comes as the airport sector remains resilient despite ongoing geopolitical tensions, with spreads compressing compared to other transportation sectors despite rising fuel costs, Barclays strategists said.

Senior bonds most recently traded for 30 cents on the dollar.

The muni market digested Tuesday's heavy supply in the way analysts expected, H.J. Sims analyst Tim Iltz said.

SWBC's Chris Brigati said he doesn't expect the geopolitical tensions to cause similar losses to muni yields unless oil prices or Treasury yields move significantly higher.

With continued geopolitical tensions and surging oil prices, things could change on a dime, said Sweta Singh, founding partner and portfolio manager at City Different Investments.

In addition to building a new patient tower dedicated to cancer care, the bonds will refund nearly all of Dana-Farber's outstanding debt.

Munis were quiet on Friday after an eventful April.

Brightline Florida's financial statements for 2024 and 2025 by Ernst & Young LLP, filed Thursday on the Electronic Municipal Market Access website, warn that the company lacks the cash to cover pending debt payments

The bonds are rated A1 by Moody's Ratings, A-plus by S&P Global Ratings and AA by KBRA.

Municipal bond issuance was $47.6 billion in 797 deals for the month, down 7.8% year-over-year but still the third-biggest April in history.

Investors are digesting developments in the Middle East and the Fed's decision not to cut rates, according to FHN Financial's Ajay Thomas.

Guam is diversifying its economy beyond tourism and the military, Gov. Lourdes Leon Guerrero said.