State of Texas

Puerto Rico issues rallied after the central parties reached a deal concerning Puerto Rico Sales Tax Financing Corp. bonds.

Municipal CUSIP requests declined in July after four straight months of volume increases, suggesting a slowdown in issuance ahead.

The municipal bond market saw more supply hit the screens on Wednesday, topped by New York City’s big general obligation bond offering.

The market is prepping for $7.5 billion of new paper that is set to hit the market, as more than $50 billion in August redemptions free up cash to buy bonds.

A strong rebound in oil and gas production and broad economic growth is fueling record growth in sales tax revenue, Comptroller Glenn Hegar said.

The market was quiet on Friday ahead of a $7.5 billion new issue calendar as more than $50 billion in August redemptions frees up cash to buy bonds.

Municipal bond buyers will get to see a larger than average new issue slate.

Puerto Rico issues rallied on a restructuring agreement for the power company, while municipal bond buyers saw some new supply head their way.

For the first time this year, the municipal bond market generated more volume than it did in the same month of 2017, as July issuance edged 1.3% higher.

Puerto Rico issues rallied after reports the island’s electric company struck a debt restructuring agreement with its bondholders.