Markets

The city, smarting from two new negative rating outlooks, says it can change the competitive deal's timing or reject bids if the market turns against it.

Municipal bond issuance was $67.88 billion after the first two months of 2020 and was on pace to easily eclipse the $400 billion mark — then COVID-19 completely turned the market upside down.

Consumer confidence dropped in March as the economy shut down to prevent the spread of the coronavirus, but economists expected a larger decline.

The CARES Act gives the Federal Reserve and Treasury up to 10 days to begin purchasing municipal securities in the secondary market.

A more measured tone settled in on Monday as new deals begin to price in a coronavirus-weary marketplace. Municipal credit is beginning to come into focus.

Actions by the Fed and the passage of the CARES Act have served to calm the markets to a large degree during the recent choppiness. These actions will ease the way for some deals to come to market this week.

The firm will pre-qualify competitive sales to make sure they meet the ICMA’s green or social bond principles.

NABL suggested that the federal government be allowed to purchase new issues of tax-exempt bonds.

AA-rated Las Vegas saw its outlook revised to negative by S&P Global Ratings with casinos shuttered and visitors absent.

The municipal bond market is poised to begin digesting larger primary issuance in the coming week after a massive rally in recent days.