Markets

Despite fixed-income seeing losses this month, Jeff Lipton, managing director of credit research at Oppenheimer, believes "a performance sea change is nearing."

The trend toward paying down debt, as opposed to tender offers or refundings, to save money cuts across Red state/Blue state lines. New Jersey retired $500 million of debt to produce $160 million of savings.

After the year-end rally, "2024 bond investors have been reluctant buyers, prices creeping lower perhaps until the data and the Fed's next steps are more clear," said Matt Fabian, partner at Municipal Market Analytics.

Brightline, a high-profile name in the speculative muni market, is set to come to market next week to remarket $675 million of 2020 bonds.

This week's heavy new-issue calendar of tax-exempt supply "could lead to a modest cheapening of ratios," said Vikram Rai, head of municipal markets strategy at Wells Fargo.

Moody's Investors Service bumped Chicago's outlook to positive from stable, while affirming the city's Baa3 issuer and general obligation bond ratings.

Katz is well known for guiding operational improvement and expense control in the financial services sector, his new employer said.

The top bond counsel in 2023 handled a combined $361.721 billion across 7,164 bond issues versus $359.189 billion in 7,882 transactions in 2022. 

Growing new-issue supply is "adding to bidders' 'wait-and-see' mentality with a variety of credits coming to market at favorable spreads," said FHN Financial's Kim Olsan. Next week's calendar hits $8.4 billion.

Altadena, California-based Episcopal Communities & Services for Seniors was able to sell bonds through a treasurer's conduit thanks to the new state law.