Markets

South Carolina-owned utility Santee Cooper issued A-rated revenue and refunding bonds that achieved $134 million in net present value savings and drew $3.5 billion in orders from yield-starved investors.

In an all new money deal, North Carolina plans to issue debt for its Build NC statewide transportation financing program.

Consumers cut back on purchasing plans, suggesting they see a tough fourth quarter, economists said.

Municipal bonds were steady to stronger on Tuesday. Taxable issuance continues its record growth, putting overall issuance on pace to be the largest year on record.

Tax changes sought by the municipal bond industry are likely to be embedded into infrastructure legislation.

State housing and economic development Secretary Mike Kennealy will lead the search for a successor at the commonwealth's finance and development agency.

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.