Commonwealth of Pennsylvania

The municipal bond market on Monday is patiently waiting for this week’s new issue sales to get underway with competitive sales on Tuesday from Massachusetts and Fairfax County, Va.

The municipal bond market is looking ahead to next week’s $3.3 billion new issue slate which is dominated by GO sales from Massachusetts and taxable negotiated deals.

After a week that saw few deals come to market, municipal bond traders will see the calendar perk up a bit next week as several issues of size are set to hit the screens.

Issuers rushing to close PABs and refunding deals propelled issuance past the single-month record set before 1986 tax reform.

The agency keeps its AA-minus rating while calling the commonwealth less resilient.

The possibility of the municipal market losing both advance refundings and private activity bonds brought a spike in issuance that's likely to extend into December.

Municipal bonds were markedly weaker at midday as market participants remain fixated on the newly released Senate tax reform proposal and how it compares with the House version.

Municipal bond market participants are scanning the news closely for details of tax reform provisions that affect them.

Deals came in waves in the busiest day of the week Wednesday, with the market firming and most issuers able to lower yields.

JPMorgan Securities won the week’s largest bond deal — Pennsylvania’s $974 million of general obligation bonds. In secondary trading, municipals were stronger at midday.

Pennsylvania is set to hit the market with the week’s biggest offering — a $974 million competitive sale. Municipals were stronger, according to early trade data.

Municipal yields were down by as many as seven basis points amid concern that tax reform may crimp supply.

Retail and institutional municipal bond investors hope volume of nearly $9 billion is a sign of consistent elevated weekly volume for the remainder of the year.

With nearly $9 billion in volume, thanks to a large refunding deal, market participants expect issuance will remain strong as issuers try to beat tax reform.

Refundings on the calendar for the week ahead spurred speculation that issuers may rush deals to market before they are banned by the GOP tax plan.

More states and localities moved ahead with infrastructure financings in October, as issuers gained confidence the municipal tax exemption will remain in place.

The Pennsylvania governor could borrow against tobacco revenues or against profits from the state-run liquor system.

Joe Torsella cited the legislature's approval of a revenue package to balance the fiscal 2018 budget.

State-related and other schools are taking a good, hard look at their business models.

Legislative leaders say the move will plug a $2.2 billion budget shortage and end a nearly five-month budget impasse.