Bond volume

Volume bounced back from second lowest monthly total of the year in July as yields plunged to historic lows and issuers came out in droves.

Two Virgin Trains USA deals from Florida helped push the region's volume up 9.8% over last year, making it one of only two regions to sell more bonds.

Municipal bond issuers in the Midwest recorded a healthy year-over-year volume gain, in contrast to flat nationwide numbers.

Refundings rebounded in the first half of 2019, but total bond volume across the Southwest fell to a six-year low.

Municipal bond volume is 2% ahead of last year, as volume sans advance refundings is starting to level out and normalize.

Public facilities and electric power were the sectors with the biggest declines.

Short-term notes rose 17.9% in the first half of 2019 based on low rates, high demand, flatter yield curve and a backlog of projects.

Coming off the biggest month of the year, volume dipped in July to the second slowest pace of 2019.

Peter Delahunt, manager of municipal trading at Raymond James, says the market is directed by retail demand, the Fed, tweets, tariff discussions and compliance. Transparency has improved and volume will remain relatively flat except for an acceleration in current refunding activity. John Hallacy hosts.

Municipal bond issuance for the year so far is within a percentage point of volume in the first half of 2018.