The municipal bond market next week will continue to see above-average volume, albeit at a much slower pace than this week.

Ipreo estimates supply at $11.14 billion, down from a revised total of $16.41 billion this week, according to Thomson Reuters. Next week’s calendar is composed of $10.98 billion of negotiated deals and $163.3 million of competitive sales.

Secondary trading
The MBIS municipal non-callable 5% GO benchmark scale was stronger in midday trading.

The 10-year muni benchmark yield declined to 2.277% on Friday from the final read of 2.285% on Thursday, according to Municipal Bond Information Services. The MBIS 30-year benchmark muni yield decreased to 2.741% from 2.750%.

The MBIS benchmark index, which is comprised of investment-grade municipal securities, is updated hourly on the Bond Buyer Data Workstation.

Top-rated municipal bonds were unchanged on Friday. The yield on the 10-year benchmark muni general obligation was steady from 1.99% on Thursday, while the 30-year GO yield was flat from 2.57%, according to a read of MMD’s triple-A scale.

U.S. Treasuries were mostly weaker on Friday. The yield on the two-year Treasury gained to 1.85% from 1.81%, the 10-year Treasury yield climbed to 2.37% from 2.35% and the yield on the 30-year Treasury dipped to 2.70% from 2.71%.

On Thursday, the 10-year muni-to-Treasury ratio was calculated at 84.8% compared with 85.5% on Wednesday, while the 30-year muni-to-Treasury ratio stood at 94.8% versus 95.4%, according to MMD.

MSRB: Previous session's activity
The Municipal Securities Rulemaking Board reported 48,318 trades on Thursday on volume of $22.04 billion.

Week's actively traded issues
Some of the most actively traded bonds by type in the week ended Dec. 15 were from Connecticut, Michigan and California issuers, according to Markit.

In the GO bond sector, the Connecticut 5s of 2018 were traded 57 times. In the revenue bond sector, the Michigan Finance Authority 5s of 2047 were traded 55 times. And in the taxable bond sector, the San Jose, Calif., Redevelopment Successor Agency 3.375s of 2034 were traded 78 times.

Week's actively quoted issues
Puerto Rico, New York and Chicago names were among the most actively quoted bonds in the week ended Dec. 15, according to Markit.

On the bid side, Puerto Rico Commonwealth GO 5s of 2041 were quoted by 70 unique dealers. On the ask side, New York Metropolitan Transportation Authority revenue 3.25s of 2036 were quoted by 222 dealers. And among two-sided quotes, Chicago taxable 6.314s of 2044 were quoted by 27 unique dealers.

Week’s primary market
JPMorgan priced Partners Healthcare System’s $1.2 billion of tax-exempt and taxable revenue bonds. Separately, Jefferies priced the Massachusetts DFA’s $119.54 million of Series 2017S index floating rate bonds for Partners Healthcare. Both deals are rated Aa3 by Moody’s Investors Service and AA-minus by S&P Global Ratings.

Bank of America Merrill Lynch priced South Miami Health Facilities Authority’s $809.56 million of Series 2017 hospital refunding revenue bonds for the Baptist Health South Florida Obligated Group. The deal is rated A1 by Moody’s and AA-minus by S&P.

Loop Capital Markets priced the New Jersey Turnpike Authority’s $725.41 million of Series 2017G turnpike revenue bonds. The deal is rated A2 by Moody’s, A-plus by S&P and A by Fitch Ratings.

BAML priced Philadelphia’s $699.66 million of airport revenue and refunding bonds. The Series 2017A bonds not subject to the alternative minimum tax are rated A2 by Moody’s and A by S&P with the exception of the 2034 through 2037 maturities which are insured by Assured Guaranty Municipal Corp. and rated AA by S&P. The Series 2017B AMT bonds are rated A2 by Moody’s and A by S&P with the exception of the 2036 maturity, which is insured by AGM and rated AA by S&P.

Goldman Sachs priced the New Jersey Educational Facilities Authority’s $351.99 million of Series 2017I revenue refunding bonds for Princeton University. The deal is rated triple-A by Moody’s and S&P.

Barclays Capital priced the San Francisco Bay Area Rapid Transit District’s $186.52 million of sales tax revenue refunding green bonds. The deal is rated AA-plus by S&P and Fitch.

BOK Financial Securities priced the West Travis County Public Utility Agency, Texas’ $151.73 million of Series 2017 revenue refunding bonds. The deal is insured by Build America Mutual and rated AA by S&P.

Morgan Stanley priced Wisconsin’s $347.03 million of GO refunding bonds of 2017 Series 3. The deal is rated Aa1 by Moody’s, AA by S&P and AA-plus by Fitch and Kroll Bond Rating Agency.

Goldman Sachs priced the Florida JEA’s $383.84 million of electric system revenue and subordinated revenue bonds. The revenue bonds are rated Aa2 by Moody’s, AA-minus by S&P and AA by Fitch while the subordinated revenue bonds are rated Aa3 by Moody’s, A-plus by S&P and AA by Fitch.

JPMorgan priced Oregon’s $103.12 million of Series 2017 general obligation bonds. The deal is rated Aa1 by Moody’s and AA-plus by S&P and Fitch.

Goldman priced the New Hope Cultural Education Facilities Finance Corp.’s $332 million of Series 2017A hospital revenue bonds for the Children’s Health System of Texas. The deal is rated Aa2 by Moody's and AA by Fitch.

Goldman priced the Dormitory Authority of the State of New York’s $294.42 million of Series 2017-1 revenue bonds for Memorial Sloan-Kettering Cancer Center. The DASNY deal is rated Aa3 by Moody’s, AA-minus by S&P and AA by Fitch.

RBC Capital Markets priced the Florida Housing Finance Corp.’s $200 million of Series 2017-1 homeowner revenue bonds not subject to the alternative minimum tax. The deal is rated Aaa by Moody’s.

Jefferies priced Suffolk County, N.Y.’s $417.88 million of GO tax anticipation notes for 2018 taxes and bond anticipation notes, Series 2017 B.The deal is rated SP-1 by S&P and F1 by Fitch.

Barclays Capital priced the Regents of the University of California’s $614.49 million of tax-exempt general revenue bonds. The deal is rated Aa2 by Moody’s and AA by S&P and Fitch.

JPMorgan priced Allen County, Ohio’s $584.84 million of hospital facilities revenue bonds for Mercy Health. The deal is rated A2 by Moody’s, A-plus by S&P and AA-minus by Fitch.

Citigroup priced and repriced the Virginia College Building Authority's $566.19 million of Series 2017E educational facilities revenue refunding bonds for the 21st century college and equipment programs. The deal is rated Aa1 by Moody's and AA-plus by S&P and Fitch.

RBC Capital Markets priced Washington, D.C.’s $508.55 million of Series 2017D general obligation bonds. The District of Columbia GOs are rated Aa1 by Moody’s and AA by S&P and Fitch.

Wells Fargo Securities priced the Florida’s JEA’s $415 million of Series 2017A water and sewer system revenue bonds and water and sewer system subordinate revenue bonds. The revenue bonds are rated Aa2 by Moody’s, AAA by S&P and AA by Fitch while the subordinated revenue bonds are rated Aa2 by Moody’s, AA-plus by S&P and AA by Fitch.

UBS priced Bexar County, Texas’ $413.13 million of refunding bonds. The deal is rated triple-A by Moody's, S&P and Fitch.

PNC Capital Markets priced Cape Coral, Fla.'s $249.095 million of water and sewer refunding revenue bonds. The deal is rated A1 by Moody's and A-plus by Fitch, with the exception of the 2034 maturity, which is insured by Build America Mutual and is rated AA by S&P.

Goldman priced the Anaheim Housing and Public Improvements Authority, Calif.’s $236.33 million of revenue refunding and electric utility distribution system refunding bonds. The deal is rated Aa3 by Moody’s and AA-minus by Fitch.

Wells Fargo Securities priced and repriced the Washington Healthcare Facilities Authority's $171.85 million of revenue and refunding bonds for the Overlake Hospital Medical Center.

The deal is rated A2 by Moody's and A by S&P.

Wells Fargo priced the Pennsylvania Higher Educational Facilities Authority’s $124.12 million of Series 2017 revenue refunding bonds for Drexel University. The deal is rated A3 by Moody’s and A by S&P.

Citi priced Miami Beach’s $156.65 million of stormwater revenue and revenue refunding bonds. The deal is rated Aa3 by Moody’s and AA-minus by S&P.

Citi priced the New York State Housing Finance Agency’s $153.52 million of Series 2017M affordable housing revenue bonds. The deal is rated Aa2 by Moody’s.

Barclays priced the Guam Power Authority’s $146.45 million of revenue refunding bonds. The deal is rated Baa2 by Moody’s, BBB by S&P and BBB-minus by Fitch.

JPMorgan Securities priced the Maryland Health and Higher Educational Facilities Authority’s $145.27 million of tax-exempt Series 2017D revenue bonds and $44.67 million of Series 2017E taxable revenue bonds for the University of Maryland Medical System. The deal is rated A2 by Moody’s, A by S&P and A-minus by Fitch.

Bank of America Merrill Lynch priced American Municipal Power Inc.’s $125 million of Series 2017A AMP Fremont Energy Center project revenue bonds refunding series. The deal is rated A1 by Moody’s and A by S&P and Fitch.

JPMorgan Securities priced the Phoenix Civic Improvement Corp.’s $467.98 million of Series 2017D junior lien airport revenue refunding bonds not subject to the alternative minimum tax. The deal is rated A1 by Moody’s and A-plus by S&P.

Morgan Stanley priced Nassau County, N.Y.’s $356.72 million of Series 2017C refunding general obligation improvements bonds. The deal is rated A2 by Moody’s, A-plus by S&P and A by Fitch.

Morgan Stanley priced the Board of Governors of the Colorado State University System’s $262.41 million of system enterprise revenue refunding bonds. The Series 2017C bonds are subject to the insured state intercept program and rated Aa2 by Moody’s and AA-minus by S&P while the Series 2017D bonds are not subject to the insured state intercept program and are rated Aa3 by Moody’s and A-plus by S&P.

In the competitive arena, Empire State Development sold $1.76 billion of general purpose state personal income tax revenue bonds for the New York State Urban Development Corp. Morgan Stanley won $585.35 million of Series 2017D taxable Maturity Group 1 bonds with a true interest cost of 2.8902%. Jefferies won $433.49 million of Series 2017D taxable Maturity Group 2 bonds with a TIC of 3.4042%. JPMorgan won $302.73 million of Series 2017C tax-exempt Maturity Group 3 bonds with a TIC of 3.6169%. Morgan Stanley won $225.07 million of Series 2017C tax-exempt Maturity Group 2 bonds with a TIC of 3.2060% and $211.92 million of Series 2017C tax-exempt Maturity Group 1 bonds with a TIC of 1.9476%. The deals are rated AAA by S&P and AA-plus by Fitch.

Connecticut sold $850 million of bonds and notes in two offerings. Goldman Sachs won the state’s $450 million of Series 2017A taxable general obligation bonds with a TIC of 3.2623%. Three groups including Morgan Stanley, RBC Capital Markets and Wells Fargo Securities won the state’s $400 million of Series 2017A GO bond anticipation notes. The bonds are rated A1 by Moody’s and A-plus by S&P and Fitch while the notes are rated MIG1 by Moody’s, SP1-plus by S&P and F1-plus by Fitch.

Howard County, Md., sold $238.9 million of bonds in two offerings. Robert W. Baird won the $182.74 million of Series 107D consolidated public improvement refunding bonds with a TIC of 2.5134%. Citi won the $56.16 million of Series 2017E metropolitan district refunding bonds with a TIC of 2.6753%. Both deals are rated triple-A by Moody’s, S&P and Fitch.

The Board of Regents of the University of Houston System sold $320.64 million of Series 2017C consolidated revenue and refunding bonds. JPMorgan Securities won the bonds with a TIC of 3.2949%. The deal is rated Aa2 by Moody’s and AA by S&P.

The West Virginia Economic Development Authority sold $142.39 million of Series 2017 lottery refunding revenue bonds. Morgan Stanley won the deal with a TIC of 3.26%. The deal is rated A1 by Moody’s and AAA by S&P.

The Florida Department of Transportation sold $138.24 million of Series 2017A turnpike revenue refunding bonds. Morgan Stanley won the bonds with a TIC of 1.89%. The deal is rated Aa2 by Moody’s and AA by S&P and Fitch.

Bond Buyer 30-day visible supply at $15.45B
The Bond Buyer's 30-day visible supply calendar increased $2.50 billion to $15.45 billion on Friday. The total is comprised of $587.0 million of competitive sales and $14.87 billion of negotiated deals.

Lipper: Muni bond funds saw inflows
Investors in municipal bond funds reversed course and put cash back into the funds in the latest week, according to Lipper data released on Thursday.

The weekly reporters saw $216.923 million of inflows in the week of Dec. 13, after outflows of $807.203 million in the previous week.

Exchange traded funds reported inflows of $146.556 million, after inflows of $127.808 million in the previous week. Ex-ETFs, muni funds saw $70.366 million of outflows, after outflows of $935.011 million in the previous week.

The four-week moving average was positive at $42.348 million, after being in the green at $92.547 million in the previous week. A moving average is an analytical tool used to smooth out price changes by filtering out fluctuations.

Long-term muni bond funds had inflows of $376.086 million in the latest week after outflows of $140.663 million in the previous week. Intermediate-term funds had outflows of $54.970 million after outflows of $285.696 million in the prior week.

National funds had inflows of $424.665 million after outflows of $637.093 million in the previous week.

High-yield muni funds reported inflows of $249.618 million in the latest week, after outflows of $236.365 million the previous week.

Data appearing in this article from Municipal Bond Information Services, including the MBIS municipal bond index, is available on The Bond Buyer Data Workstation. Click here for a brief tour of the Workstation, or contact Vanessa Kim at 212-803-8474 for more information.

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