Markets

Service sector activity “improved notably in August,” according to the Federal Reserve Bank of Richmond service-sector activity survey, released Tuesday.

Manufacturing in the central Atlantic region “largely unchanged in August,” according to the monthly business activity survey conducted by the Federal Reserve Bank of Richmond, as the manufacturing index remained 14.

The state of Texas is selling the biggest deal of the week on Tuesday — a $5.4 billion note offering, which is also the biggest short-term sale so far this year.

The region's non-manufacturing sector “continued to expand,” as the general business conditions index increased to 31.8 in August from 23.4 in July, this month's Federal Reserve Bank of Philadelphia Report on Business, released Tuesday, indicates.

The Big Apple will offer about $860 million of tax-exempt fixed rate bonds, $250 million of taxable fixed-rate bonds, and $200 million of tax-exempt variable-rate demand bonds.

The city priced refunding bonds for Philadelphia Gas Works.

The bonds will take out $210.7 million of bond anticipation notes issued last week to redeem $246 million of private activity bonds.

Top-quality municipal bonds finished stronger on Monday, according to traders, who face a smaller-than-average bond calendar and a $5.4 billion Texas note deal this week.

Moody's says the South Carolina Public Service Authority’s delay on rates is a credit negative.

A big drop-off in Texas and a decline in refundings took a bite out of the municipal bond business in the Southwest.