Markets

Ahead of the state's $1.2 billion sale next week, S&P revised its outlook on the AAA rated state to negative

Municipal yields fell as much as three basis points on the long end of the AAA curves.

With many states facing more coronavirus cases, experts are split on what the report will show.

The drop in tourism amid the coronavirus pandemic has resulted in a downgrade of Hawaii's ratings by Moody’s Investors Service affecting $9 billion in outstanding debt ahead of the state’s plans to price $900 million of taxable bonds Wednesday.

Municipal bonds were little changed on Monday ahead of this week's new-issue calendar.

Minnesota’s projection of a $2.4 billion gap in the current budget cycle remains on target, but another $4.7 billion gap looms in the next two-year budget as the toll mounts for the COVID-19-induced economic shutdown and recession. The state plans to sell $1.2 billion of GOs next week.

The ISM manufacturing index hit a 16-month high, but construction spending unexpectedly fell in June.

The rating agency affirmed the U.S. at AAA but said the outlook cut reflects ongoing deterioration in U.S. public finances.

Municipal bonds finished out the month on a strong note, with yields dropping by as much as two basis points on Friday.

Municipal issuers continue to swarm the muni market with taxable muni deals, as July accounted for $42.6 billion — the highest total for the month since at least 1986.