Munis were little changed on Friday, as U.S. Treasuries cheapened and equities ended higher.
UST yields cheapened by three to four basis points.
August's ample issuance may in fact be record-setting, according to J.P. Morgan analysts led by Peter DeGroot. With one more week's data, J.P. Morgan now projects a total August tax-exempt issuance of roughly $57 billion, which would make it one of the top three months on record.
Next week's elevated tax-exempt supply and little in the way of reinvestment DeGroot wrote, mean "market liquidity will again be highly dependent on rates and flows."
Primary to come
Issuance is an estimated $10.377 billion for the week of Aug. 24, with $7.424 billion of negotiated deals on tap and $2.926 billion of competitives, according to LSEG.
California leads the negotiated calendar with $2.800 million of GOs.
The competitive calendar is led by the Santa Clara Valley Water District, California, with $434.14 million of water system refunding revenue bonds and water system notes, sold in two series.
