Municipal bond traders are set to see the last of the week's big deals come to market on Thursday ahead of Friday's unemployment report for August and the long holiday weekend.
Secondary Market
U.S. Treasuries were weaker on Thursday. The yield on the two-year Treasury rose to 0.82% from 0.79% on Wednesday, the 10-year Treasury yield gained to 1.61% from 1.56% and the yield on the 30-year Treasury bond increased to 2.27% from 2.23%.
Top-rated municipal bonds ended unchanged on Wednesday. The yield on the 10-year benchmark muni general obligation on Wednesday was flat from 1.42% on Tuesday, while the yield on the 30-year was steady at 2.12%, according to the final read of Municipal Market Data's triple-A scale.
On Wednesday, the 10-year muni to Treasury ratio was calculated at 90.7% compared to 90.6% on Tuesday, while the 30-year muni to Treasury ratio stood at 95.1% versus 94.9%, according to MMD.
MSRB: Previous Session's Activity
The Municipal Securities Rulemaking Board reported 39,691 trades on Wednesday on volume of $14.74 billion.
Primary Market
In the competitive arena, Essex County, N.J., is selling $107.02 million of Series 2016 general obligation bonds on Thursday.
The deal is rated Aa2 by Moody's Investors Service and AA-plus by Fitch Ratings.
Since 2007, Essex County has sold about $526 million of securities, with the largest issuance occurring in 2010 when it sold about $126 million of bonds.
Bond Buyer Visible Supply
The Bond Buyer's 30-day visible supply calendar increased $18.6 million to $9.97 billion on Thursday. The total is comprised of $3.91 billion of competitive sales and $6.06 billion of negotiated deals.
Tax-Exempt Money Market Fund Outflows
Tax-exempt money market funds experienced outflows of $6.43 billion, bringing total net assets to $152.90 billion in the week ended Aug. 29, according to The Money Fund Report, a service of iMoneyNet.com. This followed an outflow of $11.64 billion to $159.33 billion in the previous week.
The average, seven-day simple yield for the 258 weekly reporting tax-exempt funds rose to 0.14% from 0.10% in the previous week.
The total net assets of the 875 weekly reporting taxable money funds increased $5.60 billion to $2.556 trillion in the week ended Aug. 30, after an inflow of $27.72 billion to $2.551 trillion the prior before.
The average, seven-day simple yield for the taxable money funds remained at 0.11% from the week before.
Overall, the combined total net assets of the 1,133 weekly reporting money funds fell $826.5 billion to $2.709 trillion in the period ended Aug. 30, which followed an inflow of $16.08 billion to $2.710 trillion.
