Markets

While Nuveen is a storied and well-respected institution in our business, it did not define John Miller.

The "weakness in the secondary market will carry over into this week, which may lead to higher yields and wider spreads in the primary market," said CreditSights strategists Pat Luby and Sam Berzok.

Except for the riskiest sectors, high-yield credit fundamentals appear to be strong, but rising interest rates and fund outflows are dampening primary and secondary market activity.

Investors will be greeted Monday with a new-issue calendar estimated at $7.208 billion, led by $1.3 billion of GOs from bellwether Washington.

Nassau County is set to issue $269.54 million of general obligation bonds in two separate sales in the upcoming week.

Proceeds will be used to refund some bonds that had been issued to finance or refinance eligible clean water and drinking water projects in the state.

Even though yields have moved to higher ground, some participants say that even cheaper levels are needed to bring about more retail conviction. Muni-to-UST ratios are still rich.

A letter of credit would be used, in part, to help fund a settlement between WAPA and its fuel supplier Vitol.

Illinois' $2.5 billion transaction took center stage Wednesday as the state's first GOs to carry an A-level rating since 2016 still offers a healthy yield kick over the A and BBB benchmarks.

The Investment Company Institute reported investors added $229 million to mutual funds in the week ending April 12, after $83 million of outflows the previous week.