Municipal bond traders are set to see the last of the week's big new issue supply come to market on Thursday.
Secondary Market
Treasuries were slightly lower, as the yield on the two-year Treasury rose to 0.93% from 0.92% on Wednesday while the 10-year Treasury yield gained to 2.21% from 2.20% and the 30-year increased to 2.97% from 2.96%.
The yield on the 10-year benchmark muni general obligation was down one basis point to 1.97% from 1.98% on Tuesday, while the 30-year yield was off one basis point to 2.89% from 2.90%, according to the final read of Municipal Market Data's triple-A scale.
The 10-year muni to Treasury ratio was calculated on Wednesday at 89.3% compared to 88.5% on Tuesday, while the 30-year muni to Treasury ratio stood at 97.6% compared to 97.5%, according to MMD.
Primary Market
On Thursday, Morgan Stanley is expected to price the New Jersey Healthcare Facilities' $266.72 million of revenue and refunding bonds. The deal is rated triple-B by Fitch Ratings.
RBC Capital Markets is set to price the Park Creek Metropolitan District, Colo.'s $252.71 million of Series 2015A senior limited property tax supported revenue refunding bonds. The issue is rated triple-B by Fitch.
Wells Fargo Securities is set to price the Water Replenishment District of Southern California's $160 million of bonds. The deal is rated AA-plus by Standard & Poor's and Fitch.
Bank of America Merrill Lynch is expected to price the city of Columbus, Ohio's $155 million of Series 2015 sewerage system revenue refunding bonds, The bonds are rated Aa1 by Moody's Investors Service and AA-plus by S&P.
Tax-Exempt Money Market Funds Post Inflows
Tax-exempt money market funds experienced inflows of $3.22 billion, bringing total net assets to $249.52 billion in the period ended Dec. 7, according to The Money Fund Report, a service of iMoneyNet.com. This followed an inflow of $617.9 million to $246.30 billion in the previous week.
The average, seven-day simple yield for the 373 weekly reporting tax-exempt funds remained at 0.01% for the 136th straight week.
The total net assets of the 950 weekly reporting taxable money funds rose $15.57 billion to $2.519 trillion in the period ended Dec. 8, after an outflow of $2.65 billion to $2.504 trillion the previous week.
The average, seven-day simple yield for the taxable money funds remained at 0.02% for the 47th week in a row.
Overall, the combined total net assets of the 1,323 weekly reporting money funds increased $18.79 billion to $2.769 trillion in the period ended Dec. 8, which followed an outflow of $2.03 billion to $2.750 trillion the week before.
MSRB Previous Session's Activity
The Municipal Securities Rulemaking Board reported 38,632 trades on Wednesday on volume of $10.64 million.
Bond Buyer Visible Supply
The Bond Buyer's 30-day visible supply calendar fell $1.76 billion to $5.15 billion on Thursday. The total is comprised of $777.7 million competitive sales and $4.37 billion of negotiated deals.
