Markets

California and Oregon are experiencing yet another record-setting year of wildfires amid increasing uncertainty about FEMA and property insurance backstops.

The past several trading sessions have seen "crazy volatility," said Jennifer Johnston, director of research of municipal bonds at Franklin Templeton.

The state bond commission approved Wells Fargo, Bank of America and JPMorgan as part of an underwriting pool Louisiana can hire on debt deals.

Thursday's pricing of senior revenue bonds comes after Fitch Ratings upgraded the airport's subordinate debt.

Recent events have been a "roundtrip" for rates, starting with the sentiment shifting from slowing inflation to a softening labor market, said James Pruskowski, chief investment officer at 16Rock Asset Management.

When Wisconsin priced $253.755 million of GO refunding bonds on July 23, it was the state's second forward delivery deal in recent months.

The Omaha City Council approved placing a $333.4 million GO bond deal on the Nov. 5 ballot.

This week's new-issue calendar will be "outsized," said Anders S. Persson, Nuveen's chief investment officer for global fixed-income, and Daniel J. Close, Nuveen's head of municipals.

"Decelerating or slowing economic growth has sparked a classic flight-to-quality trade with short-term Treasuries being the prime beneficiary," said Gary Pzegeo, head of fixed-income at CIBC Private Wealth U.S.

Data shows the average bids per competitive sale is up noticeably over the past few quarters, Justin Marlowe said, rising to 8.5 bids in Q1 2024 from 6.1 bids in Q1 2022.