Markets

The IRS also announced temporary guidance providing relief for the calendar year 2020 regarding the reacquisition of qualified tender bonds and commercial paper.

Continuing the firm’s national expansion, HJ Sims announced it is opening offices in Chicago and Orange County, Calif.

A premarketing wire indicated the deal could price at spreads 300 basis points north of benchmark yields. In Monday's trade, the rally begun last week continued.

The impact of COVID-19 is still ripping through the economy as the Institute for Supply Management-New York index fell to a new low of 4.3 in April and factory orders slumped 10.3% in March.

Taxable munis hold the distinction as being the largest positive sector year-to-date, up 2.81%. High-yield has been hammered, losing 10%.

Chicago’s motor fuel bonds, the city’s park district, and Cook County suffered rating or outlook cuts this week.

Issuance in the public finance sector is likely to contract in 2020, S&P Research says.

A range of technical issues — from month-end accounting and financing to spread widening, price volatility and the coronavirus impact on businesses and the economy — spurred a tone of relative quiet in Thursday's trade.

S&P revised its outlook on Detroit's speculative grade rating to negative from stable Thursday as COVID-19 clouds the city's fiscal prospects.

April finished with $23.7 billion of issuance, a 15% decline from the $27.9 billion in April 2019. Volatility from the pandemic has caused erratic swings in benchmark yields, resulting in the lowest muni volume total in the month since 2011.