Primary bond market

Chicago's captured a new low in recent history on tax-exempt spreads but the taxables, which were downsized by $500 million, faced a tougher road amid Treasury volatility.

State officials will wrap up a busy year a sale that includes a social bonds component.

Municipal yield curves were little changed for the seventh straight session while Refinitiv Lipper reported the 40th week of inflows into municipal bond mutual funds, with high-yield seeing a large increase week over week.

"The vast majority of muni issuers are trying to do the right thing,” Zehner said. “The vast majority of underwriters and municipal advisors are trying to do the right thing.”

The Investment Company Institute reported $289 million of inflows into municipal bond mutual funds in the week ending Dec. 1, down from $965 million in the previous week.

Thirty-day visible supply drops to $13.54 billion with still a large chunk of new issues to be priced Wednesday and Thursday.

Chicago's long-planned refinancing was led by a GO tranche priced Tuesday with spreads of 33 to 86 basis points, and follows with the Sales Tax Securitization piece Wednesday.

The municipal market is poised to absorb the late-year burst of supply as market technicals are expected to remain positive through year end.

Much of the Oregon Health & Science University deal funds a hospital expansion, but it also includes a tender exchange and a privately placed forward refunding.

The weaker-than-expected employment report sent U.S. Treasury yields lower and equities sold off. Munis did what they've been doing — mostly ignored it.