Markets News from Bond Buyer

The average weekly issuance is at least $10 billion, said John Flahive, head of investment solutions and co-head of municipal bonds at Insight Investment.

The county awarded $215 million of general obligation limited tax bonds for a jail project with uncertain future funding to lowest bidder BofA Securities.

The Fayetteville Public Works Commission bonds are to be priced competivitely Oct. 21.

Municipals are impacted by fluctuating supply and demand influences more than most other markets, said Jeff Timlin, a partner at Sage Advisory.

Carving up risk allows buyers who normally shy away from junk bonds to buy the pooled securities.

The Pennsylvania healthcare system is touting plans to grow its network as it funds an expansion for its largest hospital, in York.

The large issuance of munis this year, up 12.9% year-to-date, "disadvantaged" the asset class compared to other U.S. fixed income assets for a majority of 2025, said Pat Haskell, head of the municipal bond group at BlackRock.

The Texas Transportation Finance Corp deal will refund interim notes used to finance the ending of a public-private partnership that built toll lanes.

Last week, the muni market saw a "slowdown in activity" after the asset class saw its best monthly performance in nearly two years, said Birch Creek strategists.

Chicago has selected its new senior manager and co-manager pools to underwrite future bond deals, five months after it released its request for qualifications.

The Texas Transportation Finance Corp. leads the new-issue calendar with $1.739 billion of subordinate tier toll revenue and refunding bonds, followed by New York City with $1.5 billion of general obligation bonds.

Raymond James has added four senior public finance professionals — two to its Chicago office, and two to a new office it is opening in Naperville.

"While the shutdown will eventually be resolved, present circumstances may catalyze tactical investment opportunities as a way to capture even more compelling yield and income opportunities," said Jeff Lipton, municipal market intelligence analyst for The Bond Buyer.

If the shutdown lingers, disruption to key economic data releases could increase market uncertainty, said Tom Kozlik of HilltopSecurities.

Sophisticated issuers and investors shared insights into how they navigate the complexities of the municipal bond market at The Bond Buyer Infrastructure event.

October has historically not been "particularly kind to the municipal market, as it tends to be one of the heavier supply months of the year," said Daryl Clements, a portfolio manager at AllianceBernstein.

The muni market may be shaken by a government shutdown, driving short-term volatility and wider spreads, said James Pruskowski, a public finance strategist.

Muni yields rose up to eight basis points, depending on the scale, with the largest losses again on the front-end of the curve.

The short-end correction has been "driven by a solid labor market report, which pushed Treasury yields higher as expectations for additional Fed rate cuts tempered," said Alice Cheng, director of municipal credit and investor strategy at Janney.

Retail offerings from California and Connecticut led the market Wednesday.