Markets

Top-shelf municipal bonds were unchanged on Monday, according to traders, who got an early start to the week with one institutional sale and retail pricing for a second deal.

Connecticut was downgraded to A1 from Aa3 by Moody's Investors Service.

Hartford, Conn. received another downgrade as S&P Global Ratings lowered the city to BBB-minus.

Top-shelf municipal bonds were mostly steady around midday on Monday, according to traders who got an early start to the week with one institutional sale, as well as a retail pricing for a second deal and indications of interest for a third deal.

Gov. Dannel Malloy presented a new Connecticut budget as two rating agencies downgraded the state.

Municipal market participants are ready for another busy week, with volume exceeding $8 billion for the second consecutive week, something that has not happened for a while.

Builders’ confidence in the market for new single-family homes climbed as the National Association of Home Builders' housing market index grew to 70 in May from 68 in April.

The Empire State Manufacturing Survey showed "business activity leveled off in New York State," the Federal Reserve Bank of New York reported Monday, as the general business conditions index decreased to negative 1.0 in May from positive 5.2 in April.

Municipal market participants are set for a second week of issuance greater than $8 billion amid a surge in demand.

Build America Mutual reported a jump in claims-paying resources and statutory comprehensive income in the first quarter as well as a smaller statutory loss than in the past.