Southwest

A 'perpetual calm' continues to fall over the municipal market as inflows into municipal funds, combined with the shortage of traditional tax-exempt supply, is directing most aspects of daily market activity.

The bonds are coming in three tranches, mixing tax-exempt new money and a taxable refunding.

Federal aid and budget cuts could erase Texas's nearly $1 billion revenue shortfall, state Comptroller Glenn Hegar says.

The $125 million deal from the Colorado Housing Finance Authority carries a third-party social bond opinion from Kestrel Verifiers.

In a year in which 16 states lost population, Texas' growth is expected to stand out in the belated 2020 Census.

While there are no major sales on the calendar for this week, some larger deals from and Texas, California, New Jersey and Colorado issuers are on tap for the first few weeks of 2021.

With its population continuing to grow, the nation's second-largest state expects a 10.5% bump in debt financing, according to its annual report.

They cite coalition building, learning from past mistakes, project planning and effective outreach during the pandemic.

The entire municipal exempt yield curve is seeing consolidation with a 125 basis point spread between one and 30 years, and sub-1% yields are holding firm inside of 15 years.

The state of Illinois sold $2 billion of three-year notes to the Federal Reserve's Municipal Liquidity Facility at 3.42%.