Primary bond market

A heavier calendar still will not fulfill the $20 billion-plus of December redemptions. Muni/UST 10-year ratios fell to 74% as the UST 10-year came closer to 1.00%.

Difficulty tracking securities means a harder time for investors to understand their credit risk during the pandemic.

Refinitiv Lipper reported inflows of net $201 million for the week ending Dec. 2, down from $386 million the week prior.

Until supply increases, year-end demand has munis outperforming. ICI reports another multi-billion week of inflows.

Florida’s privately owned passenger train company, which halted service citing the coronavirus pandemic, is bringing $950 million of nonrated private activity bonds.

Munis are likely to lag Treasuries in some fashion once year-end empathy settles in mid-month and ratios become a factor.

Although November posted the lowest monthly volume total this year, issuance has already exceeded 2019's total and is on track to set a new yearly record in 2020.

After volume in November came in around $19 billion, the lowest since 1999, investors look to December.

The Regional Transportation District will issue $340 million for Denver Transit Partners, the concessionaire of three Denver-area commuter rail lines for RTD.

Michael Chalker, portfolio manager and senior analyst at LM Capital Group, talks with Chip Barnett about the fixed-income markets and the fallout from the COVID-19 pandemic. (16 minutes)