State of Texas

Municipals were firm on Thursday as the last of the week’s deals hit the market

The state collected $2.6 billion, a 9% increase over the same month of 2018, said State Comptroller Glenn Hegar.

Focus remained on the municipal primary as more supply swept into the market on Wednesday.

The municipal bond market is facing $100 billion of municipal bond redemptions and implied reinvestments.

Municipal bond volume will fall to $5.5 billion in the upcoming week, with green deals from Illinois and Arizona.

After two months of gains from 2018 levels, municipal issuance sank 7% from March last year as the loss of advance refundings continues to take a toll.

Connecticut’s GOs hit the market on Thursday as municipal buyers snapped up the last of the week’s sizeable deals.

The tax-exempt part of the big Connecticut deal was offered to retail Wednesday as munics continued to rally.

Deals from the NYC TFA, Chicago, Illinois, California, Maryland and Miami-Dade County help satisfy demand.

Muni rates and ratios have benefited from macro themes driving rates lower, according to a report released Monday.