Primary bond market

Seventeen months after Winter Storm Uri hit the Southwest, state-sanctioned securitizations are queuing up to mitigate a huge spike in energy costs for customers, with an Oklahoma deal the latest to price.

Personal income tax revenues rely upon taxpayers continuing to be taxpayers and remaining residents of New York, especially high-income earners.

Investors will see almost $11.5 billion of volume head their way in the largest new-issue week of the year. More participants expect municipals to improve in the second half of 2022.

Despite rising U.S. Treasuries, municipals are making gains and are in the black to start July.

The Investment Company Institute reported investors pulled $1.372 billion from muni bond mutual funds in the week ending June 29.

The new credit received a triple-A from Fitch Ratings and a AA+ from S&P Global.

City and state will issue municipal bonds for the domed stadium while lowering taxpayer liabilities.

As investors shift the focus from inflation to recession concerns, fixed income markets, including munis, may regain some of the year's losses.

With the Fourth of July holiday shortening the week, investors will see a paltry $2.861 billion of new issues to kick off the second half of 2022.

Denver International Airport returns to the municipal market boosted by a rating upgrade as it recovers from passenger and revenue losses in the pandemic.

Elizabeth Funk is the new managing director of institutional sales and trading in the municipal underwriting group amid a wave of recent new additions. Natalie A. Brown has taken over as CEO.

Investors pulled more from municipal bond mutual funds, with Refinitiv Lipper reporting $1.3 billion of outflows, down from the $1.6 billion the week prior and bringing the total to $47 billion year-to-date.

For the first half of 2022, total issuance sits at $201.556 billion, down 14.5% from $235.836 billion in 2021. Taxables are down 46.8% to $31.024 billion from $58.338 billion.

The Investment Company Institute reported investors pulled $4.590 billion from muni bond mutual funds in the week ending June 22, down from $6.243 billion of outflows in the previous week.

Largely attributable to Fed interest rate increase-led volatility, outstanding municipal bonds lost $300 billion of market value in the first quart of 2022, a Municipal Securities Rulemaking Board report said.

A new-issue supply-focused buy-side had their sights on the $8 billion-plus flowing into the primary market this week, while municipal traders remained cautious, keeping an eye on bid-wanted lists in the secondary market.

A bearish market sentiment and elevated muni to UST ratios often represent a buy signal. Taxable equivalent yields are compelling for buy-and-hold investors, analysts say.

Municipals head into the final week of the first half of 2022 on more stable footing, but a cautious tone hangs over the market.

Cook County projects a surplus this year and a $18.2 million gap for fiscal 2023 while it readies two bond sales.

Refinitiv Lipper reported smaller outflows at $1.6 billion, down from the $5.6 billion the week prior. It brings the total outflows to $45.7 billion year-to-date.