Markets

The state spreads landed wide compared to a May sale, but remained far narrower than early in the pandemic and during the state's two-year budget impasse.

A larger new-issue slate led by large deals from the Texas Water Development Board and state of Illinois took focus away from the secondary.

Moody's affirmed its Baa3 rating and concluded a two-month-old review of the troubled city, which is under state fiscal oversight.

Elevated secondary selling pressure on Tuesday forced more losses. Triple-A yields rose by as many as seven to eight basis points across the curve, moving the entire triple-A curve above 3% and the 30-year a dozen basis points shy of 4%.

With interest rates expected to keep rising, the deal will tap all of the remaining authorization from the $3.5 billion Rebuilding Michigan bond program.

The tool provides summaries of outstanding debt, maturity profiles, and debt service schedules for the entire public finance market and is an outgrowth of the company's legacy Debt Maps.

Bids wanteds have been elevated, municipal bond mutual fund outflows large and consistent and the short end of the U.S. Treasury curve continues its march upward, moves that muni investors cannot ignore.

Guilford County's request for a $1.7 billion voter-approved bond package, however, was put on hold until the next Local Government Commission meeting.

Triple-A yields rose 11 to 15 basis points five years and in.

"We really have worked hard during this strong stretch here of economic performance over the last 18 months or so to really kind of address some of those lingering debts we inherited," said Illinois Office of Management and Budget Director Alexis Sturm.