Markets

Washington will bring $742 million of general obligation bonds in competitive sales Tuesday, providing guidance for triple-A benchmark yields.

Municipal to UST ratios hit highs earlier in the week, creating entry points for buyers to return to the market even as ratios fell on the week. The primary will see a smaller calendar at $5.4 billion.

Moody’s Investors Service elevated Idaho’s bond rating to Aaa, following a similar move by Fitch Ratings in November.

Municipals were stronger again on the day, though, and new-issues were repriced to lower yields.

The UST selloff and rate fears spooked investors in January, but experts predict more opportunity and a stronger tone for munis in the remainder of the first quarter.

Buyers appeared to return to the market the past two sessions after the January correction moved yields and ratios higher. Secondary trading was up again on Wednesday and new deals were well-received.

Washington plans to sell the GOs by competitive bid on Feb. 8 to fund various projects.

S&P said the action reflects the Orlando International Airport's financial resilience during the pandemic and its strong passenger recovery trends.

The $600 million broadband private activity bond program included in the Infrastructure Investment and Jobs Act has often been overlooked in discussions of funding for rural broadband.

Triple-A benchmark curves were bumped two to five basis points outside of five years as markets calmed to start February.