State of Texas

For the seventh time in 2020, monthly sales tax revenues in November were below the same month in 2019.

Although November posted the lowest monthly volume total this year, issuance has already exceeded 2019's total and is on track to set a new yearly record in 2020.

Long-term municipal bond volume is on pace to set a new record of yearly issuance, thanks in part to issuers rushing to market before the election and a continued taxable boom.

Vice President/Senior Analyst, Moody’s Investors Service

The numbers were not as bad as first forecast, with sales tax revenues, which account for 59% of the budget, inching up.

As the long Labor Day holiday beckoned, munis remained mostly steady in quiet trading. Cal trades up.

Municipal bond volume kept rolling in August, producing the second-highest volume for the month in the past decade, marking the third consecutive month this year of greater-than $40 billion.

Municipal bonds ended unchanged on Monday ahead of this week $8 billion of new issuance.

The muni market steadied Wednesday as a strong dose of supply hit the screens.

Municipals were slightly weaker on Tuesday as investors take stock of inventories and exceedingly low yields for a market that might be ripe for a correction.