Municipal bond traders will see the last big deals of the week come to market on Thursday, led off by sales from issuers in Colorado and Illinois.
Treasuries were little changed Thursday. The yield on the two-year Treasury was flat from 1.33% on Wednesday, the 10-year Treasury yield was steady from 2.23% and the yield on the 30-year Treasury bond increased to 2.82% from 2.81%.
Municipals finished mixed on Wednesday. The yield on the 10-year benchmark muni general obligation rose one basis point to 1.92% from 1.91% on Tuesday, while the 30-year GO yield was steady from 2.78%, according to the final read of Municipal Market Data's triple-A scale.
The 10-year muni-to-Treasury ratio was calculated at 86.3% on Wednesday, compared with 84.5% on Tuesday, while the 30-year muni-to-Treasury ratio stood at 99.0% versus 98.0%, according to MMD.
MSRB: Previous session's activity
The Municipal Securities Rulemaking Board reported 42,748 trades on Wednesday on volume of $10.09 billion.
Citigroup is set to price the Colorado Health Facilities Authority’s $226 million of Series 2017 health facilities revenue and revenue refunding bonds for the Evangelical Lutheran Good Samaritan Society project.
The deal is rated BBB by S&P Global Ratings.
Citi is also set to price Cook County, Ill.’s $165 million of Series 2017A sales tax revenue bonds.
The deal is rated AAA by S&P.
Since 2009 the county has sold $3.26 billion of securities, with the most issuance occurring in 2010 when it sold $900 million. It did not come to market at all in 2015.
Barclays Capital Markets is expected to price the Massachusetts Development Finance Agency’s $100 million of Series 2017A revenue bonds for Emerson College.
The deal is rated Baa2 by Moody’s Investors Service and BBB-plus by S&P.
Bond Buyer reports 30-day visible supply
The Bond Buyer's 30-day visible supply calendar decreased $2.39 billion to $6.60 billion on Thursday. The total is comprised of $3.26 billion of competitive sales and $3.34 billion of negotiated deals.
Tax-exempt money market funds see outflows
Tax-exempt money market funds experienced outflows of $355.4 million, bringing total net assets to $130.37 billion in the week ended Aug. 14, according to The Money Fund Report, a service of iMoneyNet.com.
This followed an inflow of $493.5 million to $130.73 billion in the previous week.
The average, seven-day simple yield for the 227 weekly reporting tax-exempt funds was declined to 0.33% from 0.34% the previous week.
The total net assets of the 851 weekly reporting taxable money funds increased $14.86 billion to $2.543 trillion in the week ended Aug. 15, after an inflow of $37.39 billion to $2.528 trillion the week before.
The average, seven-day simple yield for the taxable money funds increased to 0.67% from 0.66% the prior week.
Overall, the combined total net assets of the 1,078 weekly reporting money funds increased $14.51 billion to $2.673 trillion in the week ended Aug. 15, after inflows of $37.88 million to $2.658 trillion in the prior week.