Markets

The municipal bond market will see another moderate new issue calendar this week, with about $4.9 billion of offerings going up for sale

While low volume is frustrating for investors, scarcity is driving demand as buyers have realized they cannot wait for something that will not come. Although this week lacks a large deal, it is full of medium sized deals from a variety of issuers.

Its effect would hinge on party control of the General Assembly in 2022, given the open-endedness of the legislation.

The Conference Board's Employment Trends Index (ETI) rose to 108.08 in April from a downwardly revised 107.37 in March.

Reinstatement of advance refundings could be packaged with infrastructure legislation because many state and local governments have used the savings to finance new infrastructure.

The Securities Industry and Financial Markets Association's newest model documents incorporate months of experience with the year-old issue price regulations, which most issuers think are working well.

Issuers and the MSRB are mostly on the same page about primary offering practices that may warrant scrutiny, but some members of the GFOA's debt committee are concerned about "regulatory creep."

The city won back its investment-grade rating ahead of the refunding deal that marks its return.

Another low volume week is on top, but the scarcity value is driving demand as the market continues to be strong in the face of rising interest rates.

The $914 million deal will help finance a $7.4 billion project to renovate and expand the airport.