Markets

Proceeds from the deal, along with additional monies, were to have been used to fund the costs of the Royal Caribbean Cruises' campus project as well as a debt service reserve fund.

Munis yields fell nine to 12 basis points, depending on the curve, but underperformed larger gains along the UST curve. Large new-issues began pricing.

The deal will finance construction of an 800-room convention headquarters hotel as part of a wider expansion of the facility.

Moody's kept stable rating outlooks on Florida, Maryland and Virginia after moving the United States to negative. D.C.'s outlook was cut.

November "continues to be off to a strong start as yields have fallen an average of 34 basis points across the curve since the start of the month," said Jason Wong, vice president of municipals at AmeriVet Securities.

Flush with bond authorization from the Nov. 7 election, officials are formulating issuance plans, while Colorado's governor called lawmakers back to session after a property tax cut measure was defeated by voters.

"As with most fast rallies there are sessions when the market pauses to assess where fair value should play out," said Kim Olsan, senior vice president of municipal bond trading at FHN Financial.

Municipal Market Analytics noted the current size of the outstanding TOB market — at about $50 billion from highs of nearly $500 billion before the Financial Crisis — reflects a reduced credit concentration risk and lower overall leverage.

The rating agency expects that an uptick in revenues will outpace expenses as the not-for-profit hospital industry gets a handle on labor costs.

A constructive trading session in the secondary aided a busy primary once again as investors appear to be more engaged in the asset class.