State of Texas

Debate over taxables, climate, ESG, possible infrastructure bill hang over 2020.

The muni market strengthened, following treasuries, as yields continued to drop.

With demand at an all-time high and record inflows that is continuing to come into the market, one would think there would be more issuance.

A mixture of taxable and tax-exempt deals priced into a market flush with cash. Muni yields continued to descend, as they moved three basis points lower today.

Large taxable deals fare well while gilt-edged Delaware yields track in line with AAA benchmarks in competitive deal.

After returning north of 7% in 2019, the municipal bond asset class continues to see strong returns so far in 2020.

Although municipal bond volume is expected to rise by almost $2 billion, it won’t be nearly enough to satisfy investors’ thirst for the asset class.

On heels of a successful GO deal on Wednesday, the market was hit with more Chicago paper as the city's STSC deal saw ample demand.

Chicago GOs were upsized and repriced on Wednesday to bump yields as indications of interest were taken on the Sales Tax Securitization sale.

The muni market saw a handful of deals price while the market strengthened ahead of the bellwether deals that come Wednesday and Thursday.