Metropolitan Transportation Authority

The Puerto Rico Housing Finance Authority may issue $250 million of tax-exempt capital fund modernization program refunding bonds the week of Sept. 28.

"Yields are just still so remarkably low," a New York City trader said.

Municipals held firm ahead of a strong supply stream of bonds in a calendar heavy with taxable and green bond deals.

The rating agency lowered the authority's transportation revenue bonds to A3 from A2, citing again the effects of the coronavirus.

At a feisty board meeting, officials rolled out draconian scenarios of service cuts and fare and toll hikes should Washington help not materialize.

Municipal bonds ended unchanged on Monday ahead of this week $8 billion of new issuance.

The region's bond issuers sold $55.4 billion of municipal debt during the first half of 2020, a 21.1% increase from the same period in 2019.

The mass transit agency, its finances reeling from the coronavirus, rejected bids from 10 different banks and sold $451 million of notes to the Municipal Liquidity Facility.

It's still insufficient for New York’s Metropolitan Transportation Authority and other struggling issuers, according to Reinvent Albany.

They cited recent waves of COVID-19 in rural and farmland areas and the success of mass transit overseas at containing the spread.