Markets

"The forward calendar shows issuance will be above average over the next few weeks, while reinvestment cash is set to drop off," Birch Creek strategists said.

The purpose of restructuring is to help the Pennsylvania hospital operator "avoid a bankruptcy scenario," said Dora Lee of Belle Haven Investments.

The calendar next week largely continues "the elevated pace of primary market volume seen since May, against a backdrop of broadly supportive fund flows (LSEG inflows for eight consecutive weeks), somewhat better dealer positions (although still heavy), mid-August reinvestment to spend, but lighter late summer attendance," said J.P. Morgan strategists led by Peter DeGroot.

Up to $2.065 billion of taxable notes could be issued to finance termination of a public-private partnership that built a toll lane project in Harris County.

New facilities should reduce and ultimately eliminate the authority's current $5 million a month operating loss.

Nevada law currently bans privately financed toll roads, but there is precedent for exemptions.

Along with the influx of supply, the muni market remains "constructive" due to attractive yields, said Catherine Stienstra, head of municipal bond investments at Columbia Threadneedle Investments.

New Jersey is poised to sell up to $2.4 billion of bonds for its transportation infrastructure, according to a report from Fitch Ratings. 

All eyes are on Jackson Hole and Fed Chairman Jerome Powell's speech this week, noted Cooper Howard, a fixed-income strategist at Charles Schwab.

Midwest bond sales ticked 1.8% higher by volume in the first half of 2024, to $34.377 billion as the region missed out on the big gains in volume nationwide.