Primary bond market

Nathaniel Singer, who has nearly four decades of experience in municipal derivatives and advisory space, has joined PFM.

Chicago's Sales Tax Securitization Corp. will sell $150 million of social bonds next month in the city's first ESG-labeled deal.

Municipals improved again Thursday, pushing the 10-year yield firmly below 3%, while Refinitiv Lipper reported $604.704 million of inflows into municipal bond mutual funds for the week ending Wednesday.

The deal has until the end of Friday to clear the Texas Bond Review Board, whose members had no questions about the transaction when it was presented at a Thursday meeting.

As market participants navigate through the remaining weeks of 2022, Jeff Lipton, managing director of credit research at Oppenheimer Inc., expects munis to maintain their outperformance over USTs

Triple-A yields fell five to eight basis points while UST saw yields fall up to nine out long, moving the 30-year UST below 4% for the first time since mid-October.

The borrowing arm of the Missouri Department of Transportation will take competitive bids on $489 million of new money debt Tuesday.

Munis were in their own lane while broader markets were mixed Monday as participants digested various Fed officials' comments on inflation and rate hike schedules.

The Infrastructure Investment and Jobs Act provides billions in grants for state and local governments. The challenge now is how quickly and effectively they can spend it amid an inflation–fueled rising–rate environment.

Refinitiv Lipper reported $2.537 billion of outflows from municipal bond mutual funds for the week ending Wednesday after $2.389 billion the week prior.

The North Carolina Medical Care Commission got the green light to issue $105.1 million of tax-exempt revenue bonds to fund a five-story building that will house 71 independent living apartments.

Municipal bond mutual funds saw more losses on Wednesday with the Investment Company Institute reporting another week of multi-billion-dollar outflows, bringing year-to-date losses to $123.3 billion.

The market has seen outflows for 13 straight weeks, per Refinitiv Lipper, but Nuveen strategists Anders S. Persson and John V. Miller said "selling is due primarily to investors harvesting tax losses."

Voters will decide on more than $60 billion of bond ballot measures Tuesday with New York voters faced with the largest amount at $4.2 billion.

JobsOhio liquor profit, state revolving fund and GARVEE bonds scheduled to hit the market over the next two weeks.

ICE TMC, part of ICE Bonds, provides market participants access to an all-to-all market for trading munis and other bonds.

Investors will be greeted Monday with a new-issue calendar estimated at $5.268 billion.

The $200 million bond deal prices next week. The Jesuit school absorbed the nearby University of the Sciences earlier this year.

High-yield saw outflows of $867.067 million after $594.497 million of outflows the week prior while exchange-traded funds saw inflows of $736.967 million after $444.544 million of inflows the previous week.

Investors pulled $3.843 billion from mutual funds in the week ending Oct. 26 after $3.876 billion of outflows the previous week, according to ICI.