Markets

Despite a muted month of March due to the COVID-19 pandemic which included two weeks of no negotiated deals, muni bond issuers still sold more long-term debt than they did during the first three months of 2019. Issuers accounted for a total of $84.87 billion of bonds throughout 2,119 transactions, compared to $75.84 billion in 1,809 deals in first quarter of 2019. The top 10 features five newcomers from a year ago, including the top spot.

Underwriters of municipal bonds did the majority of business during the first two months of the year, before COVID-19 swept the country with sickness and severe spreading. The top underwriters accounted for $87.84 billion of bonds throughout 2,119 transactions, compared to $75.84 billion in 1,809 deals in first quarter of 2019.

Tax-exempt and taxable deals priced as dealers opened up their balance sheets to new issues while the market still awaits word from the Fed on coronavirus-led purchase programs.

Tuition revenue headwinds made worse by the COVID-19 pandemic cost New Jersey’s Rider University its investment grade rating.

The state's ratings are low investment grade, but the secondary market is pricing its bonds as high-yield.

Municipal market participants are confused, to say the least, about the Federal Reserve and its ability to buy long-term municipal securities. And there’s a good reason for the puzzlement.

Lawmakers granted Kevin Stitt authority to shift money where it's needed amid a coronavirus-driven fiscal crisis.

With Fed purchases on short end, more deals are showing up on the calendar and this week may become the testing ground for reopening the primary as participants gauge volatility and rates.

Public finance advocates are focused on the reinstatement of advance refunding and higher limits on bank-qualified issuance.