State of Texas

With help from federal stimulus funding and online sales, Texas sales tax revenues turned positive in July. However, other tax revenues have fallen significantly.

Municipal bonds were little changed on Monday ahead of this week's new-issue calendar.

Municipal bonds finished out the month on a strong note, with yields dropping by as much as two basis points on Friday.

Municipals were little changed as all eyes focused on the primary.

The lack of a significant new-issue calendar is encouraging some investors to purchase ahead of the first of the month, but others are putting buying off until the arrival of Aug. 1 redemptions.

Municipals finished mostly stronger on Thursday as retail investor confidence remained high for the 11th straight week. Taxable 'social' bonds for nonprofits are making their mark in the municipal space.

Municipals were stronger on the short- and intermediate ends as long maturities held firm in quiet trading on Wednesday.

Texas faces a shortfall of $4.8 billion at the end of fiscal year 2021, Comptroller Glenn Hegar reported.

Texas reported June revenues improved from May, but still down year-over-year.

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.