Markets

Total October volume was $24.951 billion in 510 deals versus $41.811 billion in 1,068 issues a year earlier, according to Refinitiv data.

The upcoming Federal Open Market Committee meeting on Tuesday and Wednesday has led to a lighter new-issue calendar with $2.72 billion on tap.

Municipal to UST ratios have risen this week with the 10-year approaching 90% and the 30-year topping 100%.

Outflows continued as investors pulled $3.876 billion from mutual funds in the week ending Oct. 19 after $4.532 billion of outflows the previous week, according to the Investment Company Institute.

The Metropolitan Pier and Exposition Authority will restructure a portion of fiscal 2023 debt service amid tax collections still recovering from the pandemic.

South Carolina-based Jasper Pellets borrowed $12.5 million in private activity bonds in 2018. A deal to settle the firm's Chapter 11 bankruptcy pays the debt.

While muni performance has turned negative for October, "the asset class is significantly outperforming UST," said Jeff Lipton, managing director of credit research at Oppenheimer Inc.

Chicago, upgraded Friday by Fitch, will follow City Council's expected passage of a new 2023 budget next month with a new money general obligation bond issue.

As issuers push against a financial disclosure bill pending in the Senate, some buy-siders say standardized disclosure would attract more investors and boost liquidity.

The strength of the California economy suggests it deserves higher ratings, CreditSights said, but slowing revenues could mean the state's credit has peaked.