State of Ohio

Although November posted the lowest monthly volume total this year, issuance has already exceeded 2019's total and is on track to set a new yearly record in 2020.

Long-term municipal bond volume is on pace to set a new record of yearly issuance, thanks in part to issuers rushing to market before the election and a continued taxable boom.

Municipal yields fell as much as three basis points on the long end of the AAA curves.

The municipal market saw a $40 billion-plus month for the second time this year, as issuers flooded the market with bond sales during the month of June.

The $779 million refunding will capture present value savings while pushing off some debt repayments for budget relief that Fitch called "reasonable."

Bond volume was 4.2% lower than it was a year ago but increased from March and April’s low totals.

The two state administrations laid out initial estimates of revenue losses due to the pandemic as the federal government debates additional relief.

April finished with $23.7 billion of issuance, a 15% decline from the $27.9 billion in April 2019. Volatility from the pandemic has caused erratic swings in benchmark yields, resulting in the lowest muni volume total in the month since 2011.

Municipal bond issuance was $67.88 billion after the first two months of 2020 and was on pace to easily eclipse the $400 billion mark — then COVID-19 completely turned the market upside down.

The state treasurer’s office began purchasing eligible VRDOs from participating Ohio health care systems and other critically important institutions.