Municipal bond market participants are returning to work on Monday ready to see a smaller-than-usual new issue calendar awaiting them this week.

Secondary market
U.S. Treasuries were little changed on Monday. The yield on the two-year Treasury rose to 1.49% from 1.48%, the 10-year Treasury yield gained to 2.33% from 2.32% and the yield on the 30-year Treasury bond decreased to 2.85% from 2.86%.

Top-shelf municipal bonds ended steady on Friday The yield on the 10-year benchmark muni general obligation was unchanged from 2.00% on Thursday, while the 30-year GO yield fell one basis point to 2.84% from 2.85%, according to the final read of Municipal Market Data's triple-A scale.

On Friday, the 10-year muni-to-Treasury ratio was calculated at 86.2% compared with 86.7% on Thursday, while the 30-year muni-to-Treasury ratio stood at 99.5% versus 99.3%, according to MMD.

MSRB: Previous session's activity
The Municipal Securities Rulemaking Board reported 33,376 trades on Friday on volume of $9.56 billion.

Prior week's actively traded issues
Revenue bonds comprised 56.13% of new issuance in the week ended Sept. 29, up from 56.08% in the previous week, according to Markit. General obligation bonds made up 37.64% of total issuance, up from 37.56%, while taxable bonds accounted for 6.23%, down from 6.36%.

Some of the most actively traded bonds by type in the week ended Sept. 29 were from Oregon, Colorado and Illinois issuers. In the GO bond sector, the Oregon 5s of 2018 were traded 41 times. In the revenue bond sector, the city and county of Denver, Colo., 5s of 2032 were traded 76 times. And in the taxable bond sector, the Illinois 5.1s of 033 were traded 23 times.

Previous week's top underwriters
The top municipal bond underwriters of last week included Bank of America Merrill Lynch, Citigroup, Morgan Stanley, Wells Fargo Securities and Piper Jaffray, according to Thomson Reuters data.

In the week of Sept. 24 to Sept. 30, BAML underwrote $2.11 billion, Citi $1.81 billion, Morgan Stanley $1.40 billion, Wells Fargo $837 million, and Piper Jaffray $790 million.

Primary market
Volume for the week is estimated at $4.97 billion, composed of $2.29 billion of negotiated deals and $2.68 billion of competitive sales.

Action kicks off in the short-term competitive arena on Monday as the New York’s Triborough Bridge and Tunnel Authority sells $400 million of Series 2017A general revenue bond anticipation. The BANs are rated MIG1 by Moody’s Investors Service and F1-plus by Fitch Ratings.

Also on Monday, King County, Wash, is competitively selling $148.01 million of Series 2017 limited tax general obligation refunding bonds which are payable from sewer revenues.

The deal is rated triple-A by Moody’s and S&P Global Ratings.

But the main event starts on Tuesday when Dormitory of the State of New York sells over $1.7 billion of bonds in five competitive offerings.

On Tuesday, DASNY will competitively sell $1.7 million of general purpose state personal income tax revenue bonds consisting of $530.94 million of Series 2017B bidding group 2 bonds, $530.065 million of Series 2017B bidding group 3 bonds, $529.595 million of Series 2017B bidding group 1 bonds, $86.8 million of Series 2017D taxable bonds and $21.845 million of Series 2017C tax-exempt bonds.

DASNY’s last deal in late June was rated Aa1 by Moody’s and AAA by S&P.

On Thursday, RBC Capital Markets will price DASNY’s $301.48 million of school districts and financing program revenue bonds in five series.

The Series 2017 F, G, H, I and J carry various ratings ranging from Aa2 and Aa3 from Moody’s to A-plus from S&P and AA-minus from Fitch.

Also in the negotiated sector on Tuesday, Goldman Sachs is expected to price the San Diego Unified School District’s $220 million of Series 2017 general obligation bonds.

The deal is rated Aa3 by Moody’s and AAA by Fitch.

Bank of America Merrill Lynch is expected to price the Maine Municipal Bond Bank’s $184 million of Series 2017 C and Series 2017 D refunding bonds.

The deal is rated Aa2 by Moody’s and AA-plus by S&P.

In the competitive arena on Monday, Columbus, Ohio will offer $314.13million of various purpose bonds in three separate sales consisting of $285.82 million of Series 2017A unlimited tax bonds, $19.51 million of Series 2017C taxable limited tax bonds and $8.795 million of Series 2017B limited tax bonds.

The deals rare rated triple-A by Moody’s, S&P and Fitch.

Bond Buyer reports 30-day visible supply
The Bond Buyer's 30-day visible supply calendar increased $373.2 million to $9.22 billion on Monday. The total is comprised of $3.83 billion of competitive sales and $5.39 billion of negotiated deals.

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Chip Barnett

Chip Barnett

Chip Barnett is a journalist with more than 40 years of experience. Barnett is currently Senior Market Reporter for The Bond Buyer.