State of Texas

The municipal bond market was one again looking at an above-average calendar for next week, with negotiated supply alone coming in at over $17 billion.

Mega-deals from Chicago, San Jose, Trinity Health and Miami-Dade all hit the screens as yields on municipal bonds plunged further.

Mega-deals from San Jose, Miami-Dade and Chicago hit the screens on Wednesday while yields on municipal bonds continued to move lower.

There’s no rest for the weary as more deals are set to hit the municipal bond market on Wednesday, topped off by offerings from San Jose and Chicago.

The possibility of the municipal market losing both advance refundings and private activity bonds brought a spike in issuance that's likely to extend into December.

Texas state pensions bear the third-highest risk of a downturn-driven "budget shock" behind Alaska and Connecticut, according to Moody's Investors Service.

More states and localities moved ahead with infrastructure financings in October, as issuers gained confidence the municipal tax exemption will remain in place.

Recovery from Hurricane Harvey is expected to cost state government about $2 billion over the next two years.

Despite Hurricane Harvey's arrival, Texas's monthly sales tax revenue rose 10.4%, according to state Comptroller Glenn Hegar.

Issuance of municipal bonds fell 33.9% to $26.7 billion compared to $40.4 billion in September 2016.