Markets

Total volume in the first half of the year was $180.882 billion in 3,853 deals, down 17.1% from the $218.230 billion in 5,444 over the same period in 2022, according to Refinitiv data.

In comparison to the $17.689 billion of transactions completed in the first half of 2022, the top two municipal bond insurers wrapped $15.571 billion in 2023.

Florida led the nation in payroll growth in July, Wells Fargo said in a Friday report, which noted most of the upturn was in the healthcare and professional and the scientific and technical services sectors while leisure and hospitality shed jobs.

"Bearish Treasury moves have kept some pressure on the muni market and prevented an attempt to rally during the summer season when large redemptions trump issuance," BofA Global Research said in a report.

The new California Housing Finance Agency credit pools multifamily housing loans.

New York deals dominated the top ranks of regional issuers in the first half of 2023 even as supply sank around the Northeast and around the country.

Refinitiv Lipper reported $264.046 million of outflows from municipal bond mutual funds for the week ending Wednesday after $278.559 million of inflows the previous week.

Ongoing strikes by actors and writers pose a risk for next year's Oscars ceremony, which generates significant revenue that helps pay off the bonds. 

Municipal CUSIP request volume decreased in July on a year-over-year basis, following an increase in June, according to CUSIP Global Services.

The affirmation reflects Florida's "sound financial management practices, high gap-closing capacity and reserves, and low long-term liability," Fitch said.