Primary bond market

Looking forward, a myriad of factors, including spiking fuel prices, fallout from the Russian invasion of Ukraine and the heat wave, “will facilitate recessionary(ish) economic outcomes by year end," noted an MMA report.

Estrada Hinojosa & Co., Stifel Nicolaus & Co. and CSG Advisors Incorporated moved into the top 10.

Most top 10 issuers for 1H are from New York and California, with four from New York and two from California.

Minor shuffling among the top municipal underwriters characterized the year-over-year differences, with Jefferies being the only newcomer to the top 10, replacing Robert W Baird & Co., which fell to 13th.

Munis are improving, but positive second-half municipal returns likely won’t be enough to offset the major losses of the first half of the year.

Massachusetts delayed the sale of $2.7 billion of taxable special obligation revenue bonds as state lawmakers consider a bill for their unemployment trust fund.

Investors will be greeted Monday with a new-issue calendar estimated at $7 billion. While issuance will likely come in above average this month, negative net issuance is still expected.

Investors added $206.127 million to municipal bond mutual funds, according to Refinitiv Lipper data.

Primary market takes focus for large revenue deals from the New York State Thruway Authority and the Colorado Health Facilities Authority.

Munis have been steady to firmer in spots over the past few trading sessions as fundamentals have taken over. Triple-A 30-year munis dipped below 3% Tuesday, the first time since early June.