Primary bond market

Total October volume was $24.951 billion in 510 deals versus $41.811 billion in 1,068 issues a year earlier, according to Refinitiv data.

The upcoming Federal Open Market Committee meeting on Tuesday and Wednesday has led to a lighter new-issue calendar with $2.72 billion on tap.

Municipal to UST ratios have risen this week with the 10-year approaching 90% and the 30-year topping 100%.

Outflows continued as investors pulled $3.876 billion from mutual funds in the week ending Oct. 19 after $4.532 billion of outflows the previous week, according to the Investment Company Institute.

The Metropolitan Pier and Exposition Authority will restructure a portion of fiscal 2023 debt service amid tax collections still recovering from the pandemic.

While muni performance has turned negative for October, "the asset class is significantly outperforming UST," said Jeff Lipton, managing director of credit research at Oppenheimer Inc.

As issuers push against a financial disclosure bill pending in the Senate, some buy-siders say standardized disclosure would attract more investors and boost liquidity.

"Municipal market performance has improved, but the bumpy road continues as investors remain uncertain about the interest rate environment," said Nuveen's Head of Municipals John Miller.

The zoo's parent received double-A-level ratings with the bonds rated one to two notches lower as a result of appropriation risks.

In its analysis of primary market data from 2019 to 2021, the MSRB showed that market participants fled competitive offerings during the COVID period and preferred private placements.