Primary bond market

Next year, the "muni market could see stable to improving returns depending on yield curve positioning, with better performance possible at the long end of the curve," said Jonathan Rocafort, managing director and head of fixed income solutions at Parametric.

The New York City Transitional Finance Authority leads the new-issue calendar with $2 billion of future tax-secured subordinate refunding bonds.

The well-regarded pediatric hospital system is not alone in facing downgrades amid the myriad challenges healthcare has experienced in recent years.

The final judgment in the case was filed Dec. 10 in the U.S. District Court for the Southern District of New York.

Both Janney and Huntington are among the top 30 underwriters in the muni market and are neck in neck.

Pasadena and the Rose Bowl Operating Co. are suing UCLA, saying plans to relocate football games to SoFi stadium could jeopardize $130 million in revenue bonds.

"With its third straight rate cut, the Fed is sending a clear message: it's no longer just watching inflation — it's managing risk," said Gina Bolvin, president of Bolvin Wealth Management Group.

The bonds are to be used for a variety of projects aimed at recovering from multiple natural disasters that struck Lake Charles in 2020 and 2021.

Muni yields were little changed, and have barely moved over the past several trading sessions, said Kim Olsan, senior fixed income portfolio manager at NewSquare.

Municipal bond supply projections for next year range from a high of $750-plus billion to a low of $520 billion, with most firms expecting issuance to hover around $600 billion, easily surpassing 2025's record.

Omaha Public Power District will go to market the week of Jan. 5 with about $164 million of Series 2026A separate electric system revenue refunding bonds.

While muni returns moved lower last week, year-to-date returns still hover around 4%, said Jason Wong, vice president of municipals at AmeriVet Securities.

Issuers mostly avoided pricing deals in the previous weeks the Fed met this year, but that's not the case this week, said Pat Luby, head of municipal strategy at CreditSights, and Wilson Lees, an analyst at the firm.

Investors are about to get a chance to buy bitcoin-backed municipal bonds. It won't be the last, according to the team behind the New Hampshire-based deal.

The tax-exempt muni market has performed "exceptionally well" so far this week, outperforming USTs, said J.P. Morgan strategists led by Peter DeGroot.

The Regents of the University of California will sell $2 billion of bonds next week after yanking a $1.5 billion summer deal amid Trump administration threats.

Robust issuance this year has contributed to muni underperformance relative to other asset classes, but it also has "improved after-tax relative value for investors in higher tax brackets," said Sam Weitzman of Western Asset.

The Local Government Commission approved bonds for Raleigh, Duke University Health System and Deerfield Episcopal Retirement Community.

The revenue bonds will fund highway improvements expected to spur economic development in West Alabama.

The muni market is dealing with elevated supply this week and secondary flows have "reacted in tandem," said Kim Olsan, senior fixed income portfolio manager at NewSquare Capital.