Markets

Fitch's three-notch senior bond downgrade reflects "substantial credit risk."

The new-issue calendar is an estimated $10.836 billion, with $6.979 billion of negotiated deals on tap and $3.857 billion of competitives.

Foothill-Eastern Transportation Corridor Agency, one of two toll systems operated by The Transportation Corridor Agencies, received a ratings boost to A3.

The Florida train is struggling to generate enough revenue to pay its debt.

"There are big credit differences between Chicago and New York City," said an investor.

"We're starting off from a really high tax equivalent yield and that really starts the market from a position of strength," said Matt Norton, CIO for municipal bonds at AllianceBernstein.

January got off to a good start, with muni yields rallying through Jan. 7. Since then, yields have been steady to slightly richer in spots, with muni yields seeing some strength in the front end and belly of the curve.

Eurostar veteran Nicolas Petrovic will oversee the Florida system while Mike Reininger will focus exclusively on Brightline West.

Moody's Ratings downgraded Fridley Independent School District three notches, to Ba3 from Baa3, and placed its bond ratings under review for downgrade.

"The bond market breathed a sigh of relief this morning as the CPI inflation numbers came in a tad weaker than expected," said John Kerschner, global head of securitised products and portfolio manager at Janus Henderson Investors.