Markets

The top underwriters saw some shuffling, with Stifel Nicolaus and Ramirez entering the top 10 and knocking Barclays and Siebert Williams Shank to 11th and 12th, respectively.

The quiet in the muni market is likely due to geopolitical uncertainties, according to Cooper Howard, director of fixed income strategy at Charles Schwab.

The veteran underwriter said he's excited about joining a smaller, more focused firm, where he can once again expand its competitive bidding capabilities.

The top 10 issuers accounted for $24.148 billion of total issuance, or 19%, in the quarter.

The $1.18 billion revenue bond issue will commence long-term financing for a $5.5 billion expansion program at Austin-Bergstrom International Airport.

Chris Brigati, managing director and CIO at SWBC, said he was "a little underwhelmed" with the market as volumes and flows were lighter than he expected.

The sector's challenges have also impacted the overall high-yield education index.

Massachusetts brings double-A-plus level ratings to the competitive deal, comprised of $800 million of new money bonds plus a refunding component.

With the "fragile" ceasefire in the United States-Iran conflict underway, the risk of higher rates beyond those from March has largely been removed, said BofA strategists.

During the two-week ceasefire anything could still happen and a "blow up" would create significant volatility, said Kevin McGuigan, director at Municipal Market Analytics.