Southwest

Sales tax collections fell 13.2% compared to the same month last year, the steepest decline since January 2010

Cities and counties of fewer than 500,000 are seeing a fraction of the reimbursements for coronavirus spending that their larger counterparts received.

Bond volume was 4.2% lower than it was a year ago but increased from March and April’s low totals.

Even with the news that New York City is looking to potentially borrow $7B through its Transitional Finance Authority as it faces $9B in lower revenues, the market didn’t blink and TFAs traded firmer.

Colorado will continue its highway building with $500 million of certificates of participation, as it weathers its deepest downturn in years.

Credit concern is being lost somewhat in pricing munis and traders said they are looking for alternative benchmarks, even turning to corporates and U.S. Treasuries to price the market.

The primary supply for the holiday-shortened week is projected to dip to just over $4 billion, with a mix of tax-exempt and taxable issuance led by Colorado’s $500 million of certificates of participation.

Denver International Airport plans to apply up to $560 million of existing bond funds to accelerate a gate construction project.

New Mexico is expected to face sizable structural deficits because of declining oil and gas prices and production, the rating agency said.

The primary was up and running Monday with Connecticut’s $850M offering for retail while many Texas issuers were active on the heels of the Fed news that it is open for business for munis.