This week marks the end of the "summer redemption season," said Pat Luby, head of municipal strategy at CreditSights, and the ensuing reduction in redemptions will lead to an increase in net supply.
Issuers will generally call bonds when doing so yields an economic benefit, most commonly by reducing future debt-service costs through refunding, said Kevin McGuigan.
The effects of higher yields on Treasury bonds are cascading down into tax revenue levels that could raise the stakes for state and local governments facing higher borrowing costs.
State Sen. Scott Wiener reintroduced the bond measure, intended to counteract federal funding cuts to scientific research.
This week, issuance is estimated at $12.821 billion, with $9.301 billion of negotiated deals on tap and $3.519 billion of competitives, according to LSEG.
State governments want to limit the cost of healthcare. Issuers will be tested. But analysts say it's unlikely to drive hospitals to bankruptcy.
