Primary bond market

Municipals head into the final week of the first half of 2022 on more stable footing, but a cautious tone hangs over the market.

Cook County projects a surplus this year and a $18.2 million gap for fiscal 2023 while it readies two bond sales.

Refinitiv Lipper reported smaller outflows at $1.6 billion, down from the $5.6 billion the week prior. It brings the total outflows to $45.7 billion year-to-date.

The Investment Company Institute reported investors pulled $6.243 billion from muni bond mutual funds in the week ending June 15.

Moody's downgraded the university and its housing and parking borrowing arm ahead of a bond sale to support the school's goal of increasing on-campus housing.

After a deal fell apart last year amid controversy over private prisons, the state returns with new underwriters and a traditional municipal finance structure.

The lighter calendar may help ease the imbalance between demand and supply, as selling pressure in the secondary has weighed significantly on the market tone.

This week's $61.8 million Wisconsin Health and Educational Facilities Authority deal folds two new subsidiaries into the obligated group.

Investors will be greeted Monday about $6.4 billion of new issuance led by triple-A Georgia general obligation bonds and Los Angeles notes.

Monday's massive selloff contributed to investors pulling more out from the mutual fund complex. Exchange-traded funds saw $1 billion of outflows and high-yield investors yanked out $1.7 billion.

The 75 basis point hike, prompted partly by hotter-than-expected inflation data, is the largest since 1994.

As interest rates rise and muni yields trend higher, the Peach State is set to competitively sell its triple-A rated municipal bonds.

Triple-A yield curves rose five to eight basis points. Volatility somewhat eased Tuesday as investors took pause ahead of the Federal Open Market Committee meeting.

The 25-basis-point move to higher yields is the largest one-day change in triple-As since March 2020 when COVID began roiling markets. Munis could not ignore a continued selloff in UST led by inflation and recession concerns.

Ahead of the FOMC meeting, municipal issuers pull back. Investors will be greeted Monday $2.880 billion of new-issue supply.

The Long Island county has scheduled a competitive sale Tuesday for $241 million of Series 2022A tax-exempt general obligation improvement bonds.

Refinitiv Lipper reported $2.094 billion of outflows, reversing the $1.216 billion of inflows from the mutual fund complex.

Bridger Aerospace plans to sell $160 million in unrated taxable revenue bonds, with a verified sustainability designation, through conduit Gallatin County.

Hardy Manges brings three decades of experience in municipal trading to the national, full-service investment bank, brokerage and advisory firm.

The Investment Company Institute reported investors added $1.090 billion from muni bond mutual funds in the week ending June 1, up from $4.367 billion of outflows in the previous week.