Bond yields at a glance

MBIS benchmark (~AA)

MBIS AAA

MMD AAA

U.S. Treasuries

10 year

2.504

2.425

2.30 (+2-4 bp)

2.70

30 year

2.944

2.844

2.81 (+2-4 bp)

2.94

MBIS indices are updated hourly on the Bond Buyer Data Workstation.

A tobacco deal from Pennsylvania and a taxable offering from Hawaii take center stage this week as traders eye rising muni yields and the Federal Reserve meets on monetary policy.

The $5.25 billion calendar consists of $5.08 billion of negotiated deals and $164.2 million of competitive sales.

Topping the slate is a $1.39 billion tobacco bond deal from the Pennsylvania Commonwealth Financing Authority. Jefferies is set to price the bonds on Wednesday.

The deal is rated A1 by Moody’s Investors Service, A by S&P Global Ratings and A-plus by Fitch Ratings.

Also on tap, Bank of America Merrill Lynch is set to price the state of Hawaii's $775 million of Series 2018 FT general obligation bonds and Series 2018 FU and FV taxable GOs on Tuesday.

The deal is rated Aa1 by Moody's, AA-plus by S&P and AA by Fitch.

And Wells Fargo Securities is expected to price the Hampton Roads Transportation Accountability Commission's $500 million of Series 2018A senior lien revenue bonds on Tuesday.

The deal is rated AA by S&P and AA-plus by Fitch.

There are no competitive sales of $100 million or above slated for next week.

Bond Buyer 30-day visible supply at $6.94B
The Bond Buyer's 30-day visible supply calendar decreased $179.5 million to $6.94 billion on Monday. The total is comprised of $1.32 billion of competitive sales and $5.62 billion of negotiated deals.

Prior week's actively traded issues
Revenue bonds comprised 56.23% of new issuance in the week ended Jan. 26, up from 56.02% in the previous week, according to Markit. General obligation bonds made up 38.26% of total issuance, up from 38.24%, while taxable bonds accounted for 5.51%, down from 5.74% a week earlier.

Some of the most actively traded bonds by type were from California, Illinois and New York & New Jersey issuers.

In the GO bond sector, the Los Angeles Unified School District, 5s of 2024 traded 33 times. In the revenue bond sector, the Chicago Sales Tax Securitization Corp., 3.82s of 2048 traded 53 times. And in the taxable bond sector, the Port Authority of New York & New Jersey 2.114s of 2018 traded 16 times.

MSRB: Previous session's activity
The Municipal Securities Rulemaking Board reported 38,674 trades on Friday on volume of $9.74 billion.

California, New York and Texas were the three states with the most trades on Tuesday, with the Golden State taking 12.593% of the market, the Empire State taking 11.859% and the Lone Star State taking 7.755%.

Previous week's top underwriters
The top municipal bond underwriters of last week included Bank of America Merrill Lynch, Goldman Sachs, Robert W. Baird, JPMorgan Securities and Stifel, according to Thomson Reuters data.

In the week of Jan. 21 to Jan. 27, BAML underwrote $2.87 billion, Goldman $1.48 billion, Robert W. Baird $430.0 million, JPMorgan $356.7 million and Stifel $217.6 million.

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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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.
Aaron Weitzman

Aaron Weitzman

Aaron Weitzman is a markets reporter for The Bond Buyer, focusing on the sell side of the municipal bond market.