Primary bond market

A majority of firms anticipate less volume in 2022 than the record hit in 2020, but how policies from Washington and the path of overall economic activity in a still-recovering global economy with COVID overhang make predicting volume more difficult.

ICI reported $1.43 billion of inflows into municipal bond mutual funds in the week ending Nov. 17, down from $1.61 billion in the previous week.

The Thanksgiving holiday-shortened week, next-to-no supply and few economic data releases should keep munis steady.

Month over month, the municipal market is in a much better position, as heavy demand and flows continue to drive it.

The state will take a fresh dose of good rating news into the market when it competitively sells $400 million to fund pension buyouts and capital expenditures.

The Investment Company Institute reported $1.608 billion of inflows into municipal bond mutual funds for the week ending Nov. 10, up from $657 million a week prior.

The tender/exchange offer is built into a more than $1 billion refinancing the city plans to price in early December.

The state is selling $1.2 billion of GOs, and a recent deal from Vicksburg highlights a structure that makes a difference to the state's local governments.

A large new-issue calendar began pricing in the negotiated and competitive markets, with a few deals bumped off the day-to-day calendar.

Outside influence "beyond the control of the muni bond market" is needed to derail the recent positive momentum.

The Metropolitan Water Reclamation District of Greater Chicago green bonds will fund its its deep tunnel project and waste and storm water management projects.

The speculative grade bond sale is part of the financial process of returning the Phoenix-based university to nonprofit status after years as a for-profit.

Investors put nearly $2 billion into municipal bond mutual funds for the most recent week with high-yield reversing a downward course to hit $1.2 billion following just $1 million a week prior.

Triple-A benchmarks have fallen double digits since Nov. 1, with the largest moves out long. California, the District of Columbia, Wisconsin and other issuers part of a $6 billion new-issue calendar priced.

The nation's second-largest county heads into the market next week with a GO refunding buoyed by an upgrade and an outlook boost.

Municipals were quiet on Monday following Friday's rally and ahead of the $9.6 billion estimated to be priced early in the week before the Veterans Day holiday close Thursday. Connecticut priced for retail.

Dallas Area Rapid Transit is enjoying a lift in tax revenues amid a drop in ridership during the pandemic.

The long end of the municipal curve rallied under a backdrop of stronger-than-expected October jobs data and upward revesions to the prior two months ahead of the arrival of $9.6 billion next week.

For 35 weeks in a row, investors have put cash into municipal bond funds as Refinitiv Lipper reported $603 million of inflows while high-yield funds eked out a gain of slightly more than $1 million.

After the FOMC made taper official, high-grade benchmark yields ended the day one to three basis points better while USTs ended the day higher after an up-and-down trading session that moved the 30-year back above 2%.