Markets

Municipals were in a holding pattern ahead of this week's $15.8 billion new-issue slate as issuers pour debt into the market and investors remain cautious ahead of election results.

The deal is being wrapped with insurance and $300 million of the $434 million offering is supported with the state government's moral obligation backing.

The Central Texas Regional Mobility Authority will sell $333 million of bonds and notes.

"We have no need for cash-flow relief or restructuring," said the treasurer of Dallas Area Rapid Transit, which continues to expand its rail services.

The economic news was mixed again Monday, with home sales unexpectedly dipping, while two reads of manufacturing showed expansion continued, but one suggested a slower rate of growth.

The city needs to continue meeting pension commitments and moving to structural budget balance despite the coronavirus pandemic, the rating agency said.

Municipals held firm Friday as the market gets set for another week of hefty supply. Citi anticipates $550 billion in 2021, led by surge in taxable issuance.

Municipals were little changed on Thursday as the supply surge continued ahead of the U.S. elections.

Jobless claims fell to below 800,000, existing home sales soared, leading indicators rose more than expected and the Kansas City Fed manufacturing index also climbed in the latest reading.

The No Place Like Home bonds, backed by a long-standing income tax surcharge, fund supportive housing for homeless people with mental health issues.