Markets

Municipal bonds were mixed at mid-session as traders awaited the return of the Windy City to the new issue sector.

S&P Global Ratings said it lowered its rating on Puerto Rico Sales Tax Financing Corp.'s (COFINA) senior sales tax bonds to D from CC on non-disbursement by the trustee of scheduled monthly interest payments due June 1, 2017, in compliance with an order of the U.S. District Court for the District of Puerto Rico.

S&P Global Ratings revised its outlook to negative from stable on Syracuse, N.Y.'s outstanding general obligation (GO) bonds and Syracuse Industrial Development Agency's (IDA) parking facility revenue bonds, excluding the GO bonds secured by the New York State Aid Intercept Program.

Municipal bond traders will see the return of the Windy City to the new issue sector as they offer a water deal one day after coming to market with a wastewater deal.

The city took the next step Monday in securing up to $10 million in bonds to finance several stormwater sewer projects over the next few years.

Following the annexation of 459.6 acres of land on the city's west side last month, Sherman issued over $6 million in bonds Monday for work on the water systems of that and several other areas.

The city of Chicago’s wastewater deal received a warm reception in a strengthening municipal market on Tuesday. as the first of the week’s supply was priced.

S&P Global Ratings said it may adjust certain ratings based on each insurer's "competitive strengths or weaknesses relative to its peers.”

Municipal bonds were stronger at midday as the first of the week’s new issue supply hit the screens.

New York City's housing agency authorized $564 million in bonds.