Markets

The WAPA board of directors says it is looking for a replacement who would start on July 1, when Andrew Smith says he will depart.

Connecticut's GO deal is expected to benefit from its improving fiscal reputation, embodied in two rating outlook revisions to positive ahead of the pricing.

While particpants expect some pressure in the near-term with more than $16 billion on tap, they also say the current yield and ratio levels offer investors opportunity.

The first chip in the state's triple-A crown comes ahead of plans to competitively auction $1.2 billion of general obligation bonds next week.

May volume "surprised on the high end and it has been one of the fastest starts to the year historically," said James Pruskowski, chief investment officer at 16Rock Asset Management.

Cabrera Capital Markets is among the firms that has capitalized on the exits of UBS and Citi from municipal bond underwriting to add senior bankers.

The authority is refunding its 2014A bonds to gain debt service savings.

Despite losses, munis are "being set up nicely" as the summer season approaches, said Jeff Lipton, a research analyst and market strategist.

The Metropolitan Washington Airports Authority plans to refund about $400 million and sell $429 million of new money for its capital construction program.

Muni yields rose up to 13 basis points Wednesday, depending on the curve, coming on the tailwind of a market correction, said Brad Libby, a fixed-income portfolio manager and credit analyst at Hartford Funds.