Metropolitan Transportation Authority

The municipal bond market on Tuesday priced the first of the week’s big new issues, before buyers turned their focus to the high-rated, but high-yielding sales tax securitization coming from Chicago on Wednesday.

The par value of muni underwriting fell for the top five firms as volume receded from the 2016 record.

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.

While dodging the actual phrase, Gov. Andrew Cuomo suggested now is the time to seriously consider a tolling plan to fund subway and street repair in New York City.

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.

Skeptics question whether the MTA can deliver on time and on budget after it fumbled other big projects.

In an unusually busy Monday, municipal bond issuers tried to beat the clock and complete sales ahead of the impending tax reform.

Now that the uncertainty of tax legislation and how it relates to munis is gone, market participants can focus on the upcoming calendar — as it will most likely be the last big supply week for a while, with Christmas and New Year’s right around the corner.

The final tax bill released late Friday afternoon saved private activity bonds but advance refunding bonds will disappear.

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.