Municipal bonds were unchanged at mid-session as traders gear up for this week’s above average slate of new issues. The $11.8 billion calendar is the second biggest of the year, ranking behind just the $13.7 billion sold the week of Jan. 16.

Secondary market
The yield on the 10-year benchmark muni general obligation was steady from 1.86% on Friday, while the 30-year GO yield was flat from 2.70%, according to a read of Municipal Market Data's triple-A scale.

Treasuries were mostly weaker on Monday. The yield on the two-year Treasury rose to 1.36% from 1.32% on Friday, the 10-year Treasury yield gained to 2.17% from 2.15% and the yield on the 30-year Treasury bond was unchanged from 2.78%.

The 10-year muni to Treasury ratio was calculated at 86.3% on Friday, compared with 86.1% on Thursday, while the 30-year muni to Treasury ratio stood at 97.1% versus 97.1%, according to MMD.

MSRB: Previous session's activity
The Municipal Securities Rulemaking Board reported 33,717 trades on Friday on volume of $8.67 billion.

Prior week's actively traded issues
Revenue bonds comprised 53.63% of new issuance in the week ended June 16, down from 53.96% in the previous week, according to Markit. General obligation bonds comprised 40.57% of total issuance, up from 40.26%, while taxable bonds made up 5.80%, up from 5.78%.

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

In the GO bond sector, the New York City zeros of 2038 were traded 21 times. In the revenue bond sector, the Riverside County, Calif., 2s of 2018 were traded 51 times. And in the taxable bond sector, the Illinois 5.1s of 2033 were traded 17 times.

Previous week's top underwriters
The top negotiated and competitive underwriters of last week included Bank of America Merrill Lynch, Morgan Stanley, Citigroup, JPMorgan Securities, and RBC Capital Markets, according to Thomson Reuters data.

In the week of June 11 to June 17, BAML underwrote $1.16 billion, Morgan Stanley $767 million, Citi $703.5 million, JPMorgan $573.6 million, and RBC $547.7 million.

Primary market
Volume for the week is broken down into $7.74 billion of negotiated deals and $4.04 billion of competitive sales.

Action kicks off Monday with the retail pricing of the New York City Transitional Finance Authority’s $850 million of Fiscal 2017 Series F-1 future tax secured subordinate bonds.

Loop Capital Markets is set to hold a two-day retail order period on the deal, which is set to be priced for institutions on Wednesday.

The issue is rated Aa1 by Moody’s Investors Service and S&P Global Ratings and Fitch Ratings.

On Tuesday, action gets underway in earnest as the state of Georgia sells $1.4 billion of general obligation bonds in four separate competitive offerings.

The deals consist of $430.53 million of Series 2017A Tranche 2 GOs, $358.11 million of Series 2017A Tranche 1 GOs, $352.45 million of Series 2017C refunding GOs and $273.45 million of Series 2017B taxable GOs.

All four deals are rated triple-A by Moody’s, S&P and Fitch.

The state of Massachusetts is competitively selling almost $785 million of GOs in three separate offerings.

The sales consist of $400 million of consolidated loan of 2017 Series D GOs, $284.85 million of Series 2017D GO refunding bonds and $100 million of consolidated loan of 2017 Series C GOs.

The deals are rated Aa1 by Moody’s, AA by S&P and AA-plus by Fitch.

In the negotiated sector on Tuesday, Loop is set to price the city of Chicago’s $825 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.

Citigroup is expected to sell the Alabama Federal Aid Highway Finance Authority’s $551 million of Series 2017A special obligation revenue bonds and Series 2017B special obligation revenue refunding bonds on Tuesday.

The deal is rated Aa1 by Moody’s and AAA by S&P.

Bond Buyer reports 30-day visible supply
The Bond Buyer's 30-day visible supply calendar increased $234.3 million to $16.01 billion on Monday. The total is comprised of $5.53 billion of competitive sales and $10.49 billion of negotiated deals.

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