Markets

Issuers bringing taxable deals this week should see robust buying interest as the strong performance of the corporate market has pushed yields down, making double-A taxable municipal bond yields attractive for corporate investors in the 21% tax bracket.

The system's offering statement presents a detailed picture of the pandemic's impact so far.

Fitch Ratings lowered its outlook on Hawaii's AA-plus rating to negative from stable, following a similar action by Moody's earlier this month.

The municipal bond market will see more supply hit the screens this week as buyers await much needed issuance and sellers hope for improved liquidity.

Rate volatility is still evident on the buy side of the municipal market as bid wanted lists reflect redemptions or portfolio restructuring by investors, analysts said.

The Commerce Department reported that new orders for manufactured durable goods fell 14.4% in March while the University of Michigan’s consumer sentiment index dropped to 71.8 in April, the largest monthly decline on record.

S&P Global Ratings analysts say bookings that are two to three years out are already being canceled.

The municipal market kept with a cautious tone on Thursday as the new-issue market continues to digest deals.

While the number of people filing for unemployment dropped to 4.4 million, there are now 26 million Americans without work and economists expect the unemployment rate to hit 20%.

Debt restructuring options as the transit agency navigates through the coronavirus crisis include refundings for savings or to push out debt, according to Robert Foran.