New York City Transitional Finance Authority

Municipals were mostly unchanged with a firm tone on Tuesday, according to market participants, ahead of the week's large new-issue calendar that's heavy on taxables.

Municipal bond issuers are coming market at a 26.2% faster pace than they were at this point last year.

While Scott Stringer and Eric Adams now top list of successors to Bill de Blasio, the political dynamic may have changed in the wake of social justice protests and the COVID-19 pandemic.

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 fluid nature of municipal credit during the coronavirus is countering what are 'fairly solid technical factors' for the market while participants await news out of Washington for more stimulus.

The muni market steadied Wednesday as a strong dose of supply hit the screens.

Municipals were slightly weaker on Tuesday as investors take stock of inventories and exceedingly low yields for a market that might be ripe for a correction.

Municipal investors are somewhat tepid on current low rates Monday ahead of the week's $`11.5 billion of new supply.

New York State’s revenue deficit deepened during the first three months of fiscal 2021, underlining how crucial federal funding is to help, according to Gov. Andrew Cuomo.

Municipals continued to correct, with yields on the AAA scales rising by as much as three basis points as signs point to investor pullback from current low yields.

Minority and women-owned business enterprises will now comprise 33% of city GO bond and Transitional Finance Authority book-runners and 40% for New York Water.

With the latest federal rescue package stalled, New York's mayor has asked state lawmakers to authorize an additional $7 billion in bonding.

Investors are sending the message that higher-grade, longer-term issuers will fare far better than lower-rated, higher-yield ones amid a focus on credit.

The short end of the municipal curve again saw yields fall, but that didn't impede the productivity of the day's new-issue market.

The Fed on Monday essentially said it was standing 10 feet back from the market, allowing it to manage the pandemic-driven crisis itself. Lower-rated issuers may benefit most from the facility.

High-grade trading Friday showed the disparate credit picture that investors are facing; they now need to dig deeper into municipal financials and the backstops on certain bonds.

The council wants to focus on the social safety net in light of the COVID-19 pandemic.

If the Federal government doesn't help, the $12 billion plan could be funded by the city selling "relief bonds."