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Large deals were repriced to lower yields while the secondary market was lightly traded, leading to little changed triple-A yield curves and underperformance to Treasury market gains. Despite a growing calendar, the supply demand imbalance remains with much cash on the sidelines.
March 5
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The muni market "exhibited similar themes from the past few weeks as extremely rich valuations and the upcoming unfavorable supply/demand picture have led to a measured buyer base," said Birch Creek Capital strategists in a report.
March 4
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The city and its related issuers picked financial advisors to work on upcoming bond deals, including GO issuances, TFA deals and water authority sales.
March 4
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The bank has also hired some analysts to its infrastructure group over the past several weeks as it plans to beef up its muni team.
March 4
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The negotiated calendar is led by the Regents of the University of California with nearly $1 billion of general revenue bonds.
March 1
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High rates and high inflation, coupled with rich reserves, pushed off or delayed issuers coming to market in 2023, noted James Pruskowski, chief investment officer at 16Rock Asset Management.
March 1
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Municipals look poised to close out February a touch in the black following a more constructive tone Thursday after being in a 'holding pattern' for much of the past two weeks.
February 29
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Issuance is already slated to be healthy next week, with some large deals on the calendar.
February 28
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Three of the hires are group heads in public sector and structured finance businesses at the firm.
February 28
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Munis should remain well bid until issuance picks up "dramatically," said Nuveen's Anders S. Persson and Daniel J. Close.
February 27
