Markets

In a supply-challenged market, foreign investors can play a role in buying taxable munis. 16Rock Asset Management's James Pruskowski discusses a 2023 reset in the muni market. Lynne Funk hosts (29 minutes)

Las Vegas sees March visitor totals similar to pre-pandemic March 2019, putting in on solid fiscal footing.

Municipals were in the red to close out April, down 0.2%, per the Bloomberg Municipal Index, but are in the black 2.5% year-to-date.

JPMorgan's move to acquire First Republic and its muni portfolio eases the risk of nearly $20 billion of munis flooding the market.

The city is offering more than $1 billion of debt under its higher-rated Sales Tax Securitization Corp., and its water and wastewater revenue credits.

"Investors' jitters in the lead up to next week's Fed meeting resulted in some large macro market moves and a rise in volatility," noted BofA Securities strategists in a weekly report.

The authority will borrow to pay off its debt at about 50 cents on the dollar.

Total volume for the month was $30.599 billion in 577 issues, down from $40.423 billion in 900 issues a year earlier. Total issuance year-to-date is at $107.626 billion, falling 25.2% from the same period of 2022.

Outflows from municipal bond mutual funds receded as Refinitiv Lipper reported $92.055 million was pulled from them as of Wednesday after $2.876 billion of outflows the week prior. 

"Tenders are another tool in the toolbox, that depending on the situation and market dynamics, can be used to generate robust savings," Aaron Heintz said.