City of Houston, TX

The muni market absorbed almost $58 billion, a record for December, before a holiday hiatus to end the year.

The long holiday weekend comes at a perfect time for tired muni market participants after a furious few weeks of action spurred by tax reform.

The two largest deals of the week touched down, as yields rose with comprehensive tax reform just a few President Trump pen strokes away from becoming official.

The primary market is still waiting for the last few deals of the week to hit, as both the holiday weekend and tax bill becoming law draw closer.

Only a handful of larger deals remain for pricing in the market on Wednesday, as comprehensive tax reform is imminent.

Breakneck action continued in the primary market as issuers flooded the market ahead of the tax reform vote, in order to get deals closed before the end of the year.

Houston alerted investors to a last-minute lawsuit questioning the legality of the election process as the city priced $1 billion of voter-approved bonds.

The action continued on Tuesday in the primary market as issuers flooded the market ahead of the tax reform vote, in order to get deals done and closed before the end of the year.

The week got off to a fast start on Monday and will pick up right where it left off on Tuesday, as issuers are doing what they can to get deals done and in the books before yearend. Tuesday is expected to be one of the last busiest primary days of the year.

As the exact language of the final tax legislation looms, municipal market participants eager wait to see how it pertains to private activity bonds, there will be $11 billion of issuance awaits as issuers make one final push.