Markets

A company that has defaulted on debt payments is seeking California approval to sell an additional $53 million in tax-exempt bonds for a factory there.

The $73 million in present value savings over the next three years will help offset the costs of the coronavirus pandemic.

"Yields are just still so remarkably low," a New York City trader said.

The bonds are pricing in three series on Wednesday and Thursday through senior manager Morgan Stanley.

Consumers’ view of the economy was less pessimistic in August, according to the Federal Reserve Bank of New York’s Survey of Consumer Expectations.

Municipals held firm ahead of a strong supply stream of bonds in a calendar heavy with taxable and green bond deals.

The county has so far prevailed in legal arguments that it is not responsible for making up revenue shortfalls on shopping center bonds.

The rating agency lowered the authority's transportation revenue bonds to A3 from A2, citing again the effects of the coronavirus.

S&P Global Ratings revised its outlook on Pennsylvania's A-plus rating to negative from stable ahead of Wednesday's competitive general obligation bond sale.

Longer-dated municipals strengthened Thursday as transportation deals from Oregon, Texas and Atlanta issuers came to market.