| Government Securities Prices | 10-year: 103 16/32 to yield 3.20, down 17/32 30-year: 106 25/32 to yield 4.34, down 23/32 |
|---|---|
| Municipal Bond Index | 109 10/32, up 3/32 |
| The Bond Buyer's 30-Day Visible Supply (as of 05/11) | Total: $8.625 billion, up $136.4 million Competitive: $2.340 billion, down $231.9 million Negotiated: $6.285 billion, up $368.3 million |
| The MuniCenter List | Offering total: $7.967 billion, down $266.8 million |
Fitch Ratings said the negative outlook on the BB-plus rating reflects Miami Jewish's thin operating profile.
The new-issue calendar will be a "good test to see if the higher absolute yields can pull buyers off the sidelines or if underwriters need to widen spreads significantly enough to reprice the entire market to clear the deals," according to Birch Creek strategists.
The state of emergency will let the governor use the central government's rainy-day fund to provide money to WAPA that semi-autonomous agencies of his government owe the authority. WAPA will use the money to make payments to bondholders and other creditors starting Tuesday.
"The upgrade is supported by strengthened debt service coverage ratios due to better than expected recovery from the pandemic," Fitch said.
S&P affirmed the state's AA issuer credit rating, citing healthy reserves and plans to increase permanent fund totals to mitigate revenue fluctuations.
The top five bond financings have an average dollar volume of more than $1.9 billion.
