Top-shelf municipal bonds were flat at midday as traders take a break from the primary on Friday to look ahead to next week’s new issue slate.

Ipreo estimates volume for the upcoming week at $6.82 billion, down a revised total of $10.60 billion this week, according to updated data from Thomson Reuters.

Next week’s calendar is composed of $5.16 billion of negotiated deals and $1.66 billion of competitive sales.

Secondary market
The yield on the 10-year benchmark muni general obligation was unchanged from 1.86% on Thursday, while the 30-year GO yield was steady from 2.69%, according to a read of Municipal Market Data's triple-A scale.

Treasuries were steady on Friday. The yield on the two-year Treasury was flat from 1.34% on Thursday, the 10-year Treasury yield was steady from 2.15% and the yield on the 30-year Treasury bond was unchanged from 2.72%.

On Thursday, the 10-year muni to Treasury ratio was calculated at 86.6%, compared with 86.3% on Wednesday, while the 30-year muni to Treasury ratio stood at 98.9% versus 99.2%, according to MMD.

MSRB: Previous session's activity
The Municipal Securities Rulemaking Board reported 41,782 trades on Thursday on volume of $14.37 billion.

Week's actively traded issues
Some of the most actively traded bonds by type in the week ended June 23 were from New York and California issuers, according to Markit.

In the GO bond sector, the Los Angeles 5s of 2018 were traded 106 times. In the revenue bond sector, the New York MTA 2s of 2018 were traded 79 times. And in the taxable bond sector, the California Housing Finance Agency 3.656s of 2029 were traded 32 times.

Week's actively quoted issues
Illinois and Florida names were among the most actively quoted bonds in the week ended June 23, according to Markit.

On the bid side, the Illinois taxable 5.1s of 2033 were quoted by 96 unique dealers. On the ask side, the Florida State Board Administration Finance Corp. taxable 2.638s of 2021 were quoted by 108 unique dealers. And among two-sided quotes, the Illinois taxable 6.725s of 2035 were quoted by 28 unique dealers.

Week’s primary market
Goldman Sachs priced the Wisconsin’s Public Finance Authority’s $1.09 billion revenue bond deal for the American Dream megamall project in the Meadowlands, which the PFA issued on behalf of the New Jersey Sports & Exposition Authority. The deal is not rated.

The New York City Transitional Finance came to market with $1.1 billion of bonds.

Loop Capital markets priced the TFA’s $850 million of tax-exempt Fiscal 2017 Series F Subseries F-1 future tax secured subordinate bonds. The issue is rated Aa1 by Moody’s Investors Service and AAA by S&P Global Ratings and Fitch Ratings.

The TFA also competitively sold $250 million of taxables in two separate offerings. The $189.14 million of taxable subordinate Fiscal 2017 Series F Subseries F-2 future tax secured bonds were won by JPMorgan Securities with a true interest cost of 2.81%. The $60.86 million of taxable subordinate Fiscal 2017 Series F Subseries F-3 future tax secured bonds were also won by JPMorgan with a TIC of 3.21%. Pricing information on the deals was not available. The bonds are also rated Aa1 by Moody’s and AAA by S&P and Fitch.

Also in the competitive sector, the state of Georgia sold $1.4 billion of general obligation bonds in four separate competitive offerings. Bank of America Merrill Lynch won the $430.53 million of Series 2017A Tranche 2 GOs with a TIC of 3.06%. Morgan Stanley won the $358.11 million of Series 2017A Tranche 1 GOs with a TIC of 1.46%. Morgan Stanley also won the $352.45 million of Series 2017C refunding GOs with a TIC of 1.899%. Wells Fargo Securities won the $273.45 million of Series 2017B taxable GOs with a TIC of 2.99%. All four deals are rated triple-A by Moody’s, S&P and Fitch.

The state of Massachusetts competitively sold almost $785 million of GOs in three separate offerings. BAML won the $400 million of consolidated loan of 2017 Series D GOs with a TIC of 3.64%. Citigroup won the $284.85 million of Series 2017D GO refunding bonds with a TIC of 1.92%. Morgan Stanley won the $100 million of consolidated loan of 2017 Series C GOs with a TIC of 2.58%. The deals are rated Aa1 by Moody’s, AA by S&P and AA-plus by Fitch.

The Rhode Island Health and Educational Building Corp. sold $140.81 million of Series 2017A higher education facilities revenue bonds for Brown University. Bank of America Merrill Lynch won the bonds with a TIC of 3.25%. The deal is rated Aa1 by Moody’s and AA-plus by S&P.

The city and county of San Francisco, Calif., sold $397.05 million of Series 2017B certificates of participation for the Moscone Convention Center expansion project. BAML won the bonds with a TIC of 3.33%. The deal is rated Aa2 by Moody’s and AA by S&P and Fitch.

In the competitive note sector, the New York Metropolitan Transportation Authority sold $500 million of transportation revenue bond anticipation notes to six groups. The size of the sale was downsized from the $700 million originally planned.

Morgan Stanley won $250 million with a bid of 2% and a $1,640,000 premium, an effective rate of 0.879920%. BAML won $100 million with a bid of 2% and a $656,000 premium, an effective rate of 0.879920%. Citigroup won $50 million with a bid of 2% and a $331,500 premium, an effective rate of 0.868060%. JPMorgan Securities won $50 million with a bid of 2% and a $327,500 premium, an effective rate of 0.881610%. Goldman Sachs won $25 million with a bid of 2% and a $165,750 premium, an effective rate of 0.868060%. And RBC Capital Markets won $25 million with a bid of 2% and a $164,000 premium, an effective rate of 0.879920%. The deal is rated MIG1 by Moody’s, SP1-plus by S&P and F1-plus by Fitch.

In the negotiated sector, Loop Capital Markets priced the city of Chicago’s $815.75 million of general airport senior lien revenue and revenue refunding bonds for the Chicago O’Hare International Airport. The deal is rated A by S&P and Fitch.

Citi priced the Alabama Federal Aid Highway Finance Authority’s $558.57 million of Series 2017A special obligation revenue bonds and Series 2017B special obligation revenue refunding bonds. The deal is rated Aa1 by Moody’s and AAA by S&P.

Morgan Stanley priced the California Health Facilities Financing Authority’s $436.4 million of revenue bonds for Sutter Health. The deal is rated Aa3 by Moody’s and AA-minus by S&P and Fitch.

JPMorgan priced the Maryland Health and Higher Educational Facilities Authority’s $395.06 million of Series 2017A revenue bonds for MedStar Health. The deal is rated A2 by Moody’s and A by S&P and Fitch.

BAML priced the California Housing Finance Agency’s $278.24 million of Series 2017A taxable home mortgage revenue bonds. The deal is rated A1 by Moody’s and AA-minus by S&P.

Citigroup priced the Atlanta Development Authority’s $224.02 million of tax-exempt Series 2017A-1 senior healthcare facilities current interest revenue bonds for the Georgia Proton Treatment Center. The deal is not rated.

BAML priced the county of Hawaii’s $136.99 million of general obligation bonds. The deal is rated Aa2 by Moody’s and AA-plus by Fitch.

Citi priced the State of New York Mortgage Agency’s $121.38 million of homeowner mortgage bonds. The deal is rated Aa1 by Moody’s

Citi priced the Chester County Health and Education Facilities Authority’s $109.95 million of Series 2017A health system revenue bonds for the Pennsylvania Main Line Health System. The deal is rated Aa3 by Moody’s and AA by S&P and Fitch.

BAML priced the Port of Oakland, Calif.’s $254.43 million of intermediate lien refunding revenue bonds. The deal is rated A2 by Moody’s and A by S&P and Fitch.

Citigroup priced the Metropolitan Water District of Southern California’s $181.65 million of Series 2017B fixed-rate subordinate water revenue bonds. The deal is rated AA-plus by S&P and Fitch. Wells Fargo Securities priced the Met Waters’ $95.65 million of Series 2017E subordinate water revenue refunding bonds in SIFMA-Index mode. The deal is rated A1-plus by S&P and F1-Plus by Fitch.

Bond Buyer reports 30-day visible supply
The Bond Buyer's 30-day visible supply calendar increased $501.7 million to $8.09 billion on Friday. The total is comprised of $2.79 billion of competitive sales and $5.81 billion of negotiated deals.

Lipper: Muni bond funds see outflows
Investors in municipal bond funds pulled cash out of the funds in the latest week, according to Lipper data released late on Thursday.

The weekly reporters saw $890.590 million of outflows in the week ended June 21, after inflows of $394.878 million in the previous week.

The four-week moving average was positive at $109.636 million, after being in the green at $430.908 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 outflows of $1.078 billion in the latest week after inflows of $326.028 million in the previous week. Intermediate-term funds had inflows of $92.321 million after inflows of $70.283 million in the prior week.

National funds had outflows of $904.896 million after inflows of $394.948 million in the previous week. High-yield muni funds reported inflows of $231.470 million in the latest reporting week, after inflows of $235.860 million the previous week.

Exchange traded funds saw inflows of $56.529 million, after inflows of $85.244 million in the previous week.

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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.