Markets

Ratios aren't budging as municipal to UST outperformance is not abating. The three largest deals of the week will be taxable, increasing the demand component for exempt paper.

Municipal bond issuers in the State of New York accounted for half of the top 10, while issuers from California held two of the top four spots.

Buoyed by a ratings upgrade from Moody's, the state still faces challenges including high debt and legacy costs.

The top municipal bond underwriters of the first quarter of 2021 are well ahead of last year's record pace, as the country is starting to finally see the light at the end of the COVID-19 pandemic tunnel.

High-yield inflows return to the tune of $821 million. The 10-year triple-A hovers just above 1%.

Lawmakers added more money and projects to Idaho's Garvee program in 2017 partly to counter congestion from the state's massive population growth.

The Investment Company Institute reported another week of inflows, $800-plus million, as participants focus on that part of the market as an indicator of how munis will fare during tax season.

The theme of low supply, positive inflows and the anticipation of higher tax rates led triple-A benchmarks firmer by one to two basis points.

Kansas City will follow up a GO sale from last month with $186 million of tax-exempt, taxable new money and refunding special obligation bonds Wednesday.

S&P raised CPS' junk rating by one notch, saying federal funds will boost an "already positive financial trajectory."