Municipal bonds were unchanged in early activity ahead of next week’s above-average new issue calendar.

Ipreo estimates volume for next week at $11.78 billion, up from a revised total of $3.47 billion sold this week, according to updated data from Thomson Reuters. The calendar is comprised of $7.74 billion of negotiated deals and $4.04 billion of competitive sales.

Secondary market
The yield on the 10-year benchmark muni general obligation was steady from 1.86% on Thursday, 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 mixed on Friday. The yield on the two-year Treasury fell to 1.33% from 1.35% on Thursday, the 10-year Treasury yield was unchanged from 2.16% and the yield on the 30-year Treasury bond increased to 2.79% from 2.78%.

On Thursday, the 10-year muni to Treasury ratio was calculated at 86.1%, compared with 86.1% on Tuesday, while the 30-year muni to Treasury ratio stood at 96.9% versus 96.7%, according to MMD.

MSRB: Previous session's activity
The Municipal Securities Rulemaking Board reported 41,228 trades on Thursday on volume of $10.28 billion.

Week's actively traded issues
Some of the most actively traded bonds by type in the week ended June 16 were from New York, California and Illinois issuers, according to Markit.

In the GO bond sector, the New York City 0s 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.

Week's actively quoted issues
Louisiana, Massachusetts and California names were among the most actively quoted bonds in the week ended June 16, according to Markit.

On the bid side, the Louisiana Local Government Environmental Facilities and Community Development Corp. revenue 5.875s of 2040 were quoted by 64 unique dealers. On the ask side, the Massachusetts GO 4s of 2046 were quoted by 126 unique dealers. And among two-sided quotes, the California taxable 7.35s of 2046 were quoted by 126 unique dealers.

Week’s primary market
Morgan Stanley priced the state of Mississippi’s $443.72 million of Series 2017A general obligation bonds. The deal is rated Aa2 by Moody’s Investors Service and AA by S&P Global Ratings and Fitch Ratings.

Bank of America Merrill Lynch priced Wisconsin’s $347.54 million of GO refunding bonds of 2017, Series 1. The deal is rated Aa2 by Moody’s and AA by S&P, Fitch and Kroll Bond Rating Agency.

JPMorgan Securities priced the New York City Housing Development Corp.’s $272.73 million of Series 2017 C-1 and C-2 multi-family housing revenue sustainable neighborhood bonds. The deal is rated Aa2 by Moody’s and AA-plus by S&P.

Separately, BAML priced the NYC HDC’s $62.29 million of Series 2017D multi-family housing revenue bonds at par to yield 0.90% in 2047 with a mandatory tender date in 2018 and optional call on Sept. 15. The deal is rated VMIG1 by Moody’s and A1-plus by S&P.

BAML priced the Hawaiian Electric Co. Inc.’s $265 million of special purpose revenue refunding bonds. The deal is rated Baa2 by Moody’s and A-minus by Fitch.

Citigroup priced the city of Long Beach, Calif.’s $172 million of harbor revenue bonds. The deal is rated AA by S&P and Fitch.

Citigroup priced the California Municipal Finance Authority’s $153.21 million of Series 2017A lease revenue bonds for the Orange County Civic Center infrastructure improvement program’s phase 1. The deal is rated AA by S&P and Fitch Ratings.

Separartly, BAML priced the Calif. MFA’s $100.67 million of Series 2017B revenue refunding bonds for Eisenhower Medical Center. The deal is rated Baa2 by Moody’s and BBB by Fitch.

JPMorgan priced Tallahassee, Fla.’s $147.8 million of Series 2017 energy system refunding revenue bonds. The deal is rated Aa3 by Moody’s and AA by S&P.

Morgan Stanley priced the city of Tucson, Ariz.’s $107.11 million of Series 2017 water system revenue and revenue refunding obligations. The deal is rated Aa2 by Moody’s and AA by S&P and Fitch.

In the competitive arena, the Rock Hill School District No. 3 of York County, S.C., sold $100 million of Series 2017B GOs. Morgan Stanley won the bonds with a true interest cost of 2.95%. The deal is rated Aa1 by Moody’s and AA by S&P.

Bond Buyer reports 30-day visible supply
The Bond Buyer's 30-day visible supply calendar increased $2.67 billion to $15.78 billion on Friday. The total is comprised of $5.36 billion of competitive sales and $10.42 billion of negotiated deals.

Lipper: Muni bond funds see inflows
Investors in municipal bond funds continued to put cash back into the funds in the latest week, according to Lipper data released late on Thursday.

The weekly reporters saw $394.878 million of inflows in the week ended June 14, after inflows of $985.092 million in the previous week.

The four-week moving average was positive at $430.908 million, after being in the green at $438.868 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 $326.028 million in the latest week after inflows of $636.005 million in the previous week. Intermediate-term funds had inflows of $70.283 million after inflows of $97.336 million in the prior week.

National funds had inflows of $394.948 million after inflows of $947.171 million in the previous week. High-yield muni funds reported inflows of $235.860 million in the latest reporting week, after inflows of $336.996 million the previous week.

Exchange traded funds saw inflows of $85.244 million, after inflows of $113.843 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.