Northeast

Investors will be greeted Monday with an increase in supply with the new-issue calendar estimated at $6.488 billion, led by $1 billion-plus of GOs from Maryland in the competitive market.

Signs of robust economic recovery in New Jersey added an additional $4.5 billion in revenue to the state's fiscal 2022 tax revenue estimates.

Total May volume was $31.167 billion in 750 deals versus $35.358 billion in 1,295 issues a year earlier. In a continuing trend, new-money issuance was up 14.2% in May year-over-year.

Municipals improved for the fifth session in a row with 10- and 30-year triple-A yields falling 30 basis points since Thursday. Connecticut priced $1 billion-plus of GOs and saw yields lowered in a repricing.

The recommendation would build reserves toward a target of 16% of tax revenues in order to prevent drastic service cuts during a recession.

Given the volatility of risk assets is likely to remain high, and the focus on the flight to safety increases, all fixed-income assets could benefit as a result, including municipals, Barclays strategists say.

Several states have passed, or are considering, legislation to bar local governments from making payments to criminals who hold computer systems hostage.

The temporary injunction halts all work on Pennsylvania's $2.2 billion Major Bridges program.

The city of 55,000 is the first to be slapped with the most severe Tier IV designation of the state's Municipal Accountability Review Board oversight program.

The bulk of the first tranches of the $15 billion of IIJA funds will likely be used to figure out where lead lines are located, so states and water systems can determine the scope of the problem.