Bond yields at a glance

MBIS benchmark (~AA)

MBIS AAA

MMD AAA

U.S. Treasuries

10 year

2.642

2.232

2.39 (+5-7 bps)

2.84

30 year

3.076

2.970

2.93 (+5-7 bps)

3.08

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

Municipal bond yields are rising as buyers look ahead to another smaller-than-average slate of sales heading to market next week.

Ipreo estimates weekly volume at $3.83 billion, comprised of $2.598 billion of negotiated deals and $1,229 billion of competitive sales.

Next week’s calendar is topped by Harris County, Texas’ sale of $567 million of toll road bonds.

Goldman Sachs is expected to price the senior lien revenue refunding bonds on Wednesday.

The deal is rated Aa2 by Moody’s Investors Service and AA by Fitch Ratings.

Morgan Stanley is expected to price the Los Angeles Department of Water and Power’s $231 million of series 2018A water system revenue bonds on Wednesday after holding a retail order period on Tuesday.

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

Also from Texas, Citigroup is set to price Houston’s $134 million of airport system special facilities revenue bonds on Tuesday.

The deal is rated BB-minus by S&P.

Bond Buyer 30-day visible supply at $6.04B
The Bond Buyer's 30-day visible supply calendar increased $939.0 million to $6.04 billion on Friday. The total is comprised of $1.67 billion of competitive sales and $4.37 billion of negotiated deals.

MSRB: Previous session's activity
The Municipal Securities Rulemaking Board reported 45,086 trades on Thursday on volume of $12.34 billion.

California, Texas and New York were the three states with the most trades on Thursday, with the Golden State taking 15.687% of the market, Lone Star State taking 12.361% and the Empire State taking 9.504%.

Week's actively traded issues
Some of the most actively traded bonds by type in the week ended Feb. 2 were from New York, Georgia and California issuers, according to Markit.

In the GO bond sector, the New York City zeroes of 2038 traded 21 times. In the revenue bond sector, the Main Street Natural Gas Inc. of Ga.’s 4s of 2048 traded 42 times. And in the taxable bond sector, the California 2.193s of 2047 traded 42 times.

Week's actively quoted issues
California and New Jersey names were among the most actively quoted bonds in the week ended Feb. 2, according to Markit.

On the bid side, California taxable 7.55s of 2039 were quoted by 35 unique dealers. On the ask side, the New Jersey Turnpike Authority revenue 4s of 2043 were quoted by 241 dealers. And among two-sided quotes, the California taxable 7.55s of 2039 were quoted by 24 unique dealers.

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

The weekly reporters saw $235.926 million of inflows in the week of Jan. 31, after inflows of $781.160 million in the previous week.

Exchange traded funds reported outflows of $16.893 million, after outflows of $17.950 million in the previous week. Ex-ETFs, muni funds saw $252.819 million of inflows, after inflows of $799.110 million in the previous week.

The four-week moving average was positive at $789.939 million, after being in the green at $811.354 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 $170.114 million in the latest week after inflows of $772.983 million in the previous week. Intermediate-term funds had inflows of $264.852 million after inflows of $329.453 million in the prior week.

National funds had inflows of $347.233 million after inflows of $776.001 million in the previous week.

High-yield muni funds reported outflows of $143.414 million in the latest week, after inflows of $32.551 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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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.