Metropolitan Transportation Authority

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.

The municipal bond market next week will continue to see above-average volume, albeit at a much slower pace than this week, as $11.14 billion of deals are on the calendar.

The authority, which runs New York City's subways and buses, faces uncertainty about external funding and its bonding options.

Variables range from the effect of the federal tax bill on advance bond refundings to external support for a subway improvement plan.

Municipal issuers continue to race to market with deals before the calendar turns over, as the tax bill may limit issuance in 2018.

Regional Plan Association's far-reaching ideas for New York-area transit overhaul struck some nerves, and president Tom Wright welcomes the debate.

The Regional Plan Association recommends congestion pricing, infrastructure banks, public benefit corporations, a regional rail system and an end to 24-hour New York subway service.