Connecticut

After facing outside economic data pressures and rising U.S. Treasuries, municipals ended the week on solid footing ahead of a larger calendar with newly upgraded Connecticut leading with $1 billion of exempt and taxable GOs.

Fitch Ratings, S&P Global Ratings and Kroll Bond Rating Agency all upgraded the Constitution State ahead of a $1 billion taxable and tax-exempt transaction set for Wednesday.

Officials remembered him for his diligence and the respect he earned from both sides of the political aisle.

Refinitiv Lipper reported $1.889 billion of inflows, with $641 million in high-yield. Negotiated deals repriced to lower yields while competitive loan yields were compelling from New Jersey and Los Angeles USD.

Sub-1% 10-year municipals and low ratios may test investor appetite for the asset class but it is hard to ignore the strong fundamentals and substantial fund flows in the backdrop.

Forward delivery sales, a replacement for tax-exempt advance refundings, could grow in 2021.

Buoyed by a ratings upgrade from Moody's, the state still faces challenges including high debt and legacy costs.

Moody's elevated the state's GOs to Aa3 from A1, citing a commitment to boosting rainy-day balances and sound governance during the pandemic.

A formula revision will boost funding for local governments most in need under the state's payment in lieu of taxes program.

An agreement between Gov. Ned Lamont and Connecticut tribal nations opens the door for the state to compete with its Northeast neighbors.