Markets

Investors will be greeted Monday with a steep drop in volume, with the new-issue calendar estimated at $4.583 billion — less than half of this week's supply.

Total April volume was $34.329 billion in 729 deals versus $37.105 billion in 1,124 issues a year earlier.

This is the second time S&P Global Ratings placed New Orleans on negative CreditWatch due to long delays in publishing audited financial statements.

Investors pulled more from municipal bond mutual funds in the latest week, with Refinitiv Lipper reporting $2.875 billion of outflows, down from $3.548 billion of outflows in the previous week.

Several firms' ability to underwrite municipal bond issues in Texas is under review.

In a recent survey, just over half of community bankers expressed concern that the central bank will harm the U.S. economy by raising rates too fast in its quest to contain inflation.

In the week ending April 13, investors pulled $5.526 billion from the funds, down from $7.227 billion of outflows in the previous week, ICI reported.

The city's share of American Relief Plan Act funds eased fiscal pressures and provides runway for the city to work on a pension funding fix.

Relative cheapness, wider spreads and underperformance in munis are providing better value, all set against a very solid and resilient credit background, analysts say, but supply is testing investor sentiment amid volatility.

The system is seeking about $7.7 million of past due contributions and loans.