Markets

Tighter bidding on bonds 10 years and in pushed high-grade benchmark curves to bump yields.

Illinois' single-employer pension plans are straining the budgets and ratings of those local governments without the tax base, flexiblity, and fiscal discipline to tackle rising costs, S&P says in a special report.

Municipals returned 0.83% in July with a year-to-date return of 1.90%. High-yield returned 1.20% in July and 7.40% year-to-date. Taxables led July with 1.65% returns and 1.95% for the year.

Michigan is bringing $855 million of state trunk line fund bonds to market Tuesday for road and bridge projects.

The city sees room for a new convention hotel, despite nearby competition and pandemic-related setbacks.

Muni participants await a new month with growing issuance, but perhaps not quite enough as issuers are hesitant to add more debt before final word from Washington on infrastructure.

July volume was $31.9 billion keeping the annual pace ahead of last year's record-breaking total. Issuance still lags demand by a large amount — $60 billion by many accounts for August alone — as redemptions coupon payments pile up.

The two issuances under IRS scrutiny join an earlier debt issuance the county disclosed publicly late last year.

Washington GOs came at tighter spreads than a spring sale in the competitive market while sizable negotiated deals saw bumps in repricings. Refinitiv Lipper reported $1.4 billion of inflows in the 21st consecutive week.

While the bipartisan deal includes some helpful provisions, it does not contain any of the top priorities of municipal bond market advocates.