Markets

The par value of muni underwriting fell for the top five firms as volume receded from the 2016 record.

The municipal bond market is looking ahead to next week’s $3.3 billion new issue slate which is dominated by GO sales from Massachusetts and taxable negotiated deals.

The weekly average yield to maturity of the Bond Buyer Municipal Bond Index fell 10 basis points to 3.81% in the week ended Jan. 4, from 3.81% in the previous week. The BB40 Index is based on the price of 40 long-term bonds.

The value of new factory orders rose by 1.3% in November, slightly larger than the expected 1.1% increase in an MNI survey.

The U.S. services sector expanded in December as the non-manufacturing business activity composite index was 55.9.

After a week that saw few deals come to market, municipal bond traders will see the calendar perk up a bit next week as several issues of size are set to hit the screens.

The November trade deficit widened to $50.5 billion from a revised $48.9 billion deficit in October.

U.S. job gains slowed by more than forecast in December, wage gains picked up slightly and the unemployment rate held at the lowest level since 2000, adding to signs of a full-employment economy.

Municipal bonds turned mixed on a cold and snowy day in the Northeast as stocks surged to historic highs on Thursday.

Mayor Keisha Bottoms said housing affordability, transparency, public safety, education, and transportation are priorities.