Primary bond market

The state said it would continue to move forward with the new prisons despite Barclays departure amid controversy over the role of private firm CoreCivic.

Transportation infrastructure, sustainability and affordable housing are in play in three different bond deals.

Sub-1% 10-year municipals and low ratios may test investor appetite for the asset class but it is hard to ignore the strong fundamentals and substantial fund flows in the backdrop.

Four out of the six economic indicators released on Thursday surpassed expectations, with consumers tapping their savings to quench pent-up demand. U.S. Treasuries made gains but municipals stood on their own in an impressive two-day rally with insatiable demand.

The economy grew faster from late February through early April while consumer spending increased, with a possible rise in inflation in the near term, according to the Federal Reserve’s Beige Book released on Wednesday.

Ohio's Summa Health is selling $310 million of taxable corporate CUSIP debt Wednesday.

One-year municipal debt has fallen to record lows with benchmark yield curves at 0.05% and the 10-year muni has fallen below 1% while 30-year muni benchmark yields at or less than 10-year UST.

Rating agency moves on credits across the spectrum are pushing spread-tightening in munis, but the broader economy is still two years away from pre-pandemic levels, according to Federal Reserve Bank of Boston President Eric Rosengren.

Ratios aren't budging as municipal to UST outperformance is not abating. The three largest deals of the week will be taxable, increasing the demand component for exempt paper.

Municipal bond issuers in the State of New York accounted for half of the top 10, while issuers from California held two of the top four spots.

The top municipal bond underwriters of the first quarter of 2021 are well ahead of last year's record pace, as the country is starting to finally see the light at the end of the COVID-19 pandemic tunnel.

High-yield inflows return to the tune of $821 million. The 10-year triple-A hovers just above 1%.

The Investment Company Institute reported another week of inflows, $800-plus million, as participants focus on that part of the market as an indicator of how munis will fare during tax season.

The theme of low supply, positive inflows and the anticipation of higher tax rates led triple-A benchmarks firmer by one to two basis points.

Kansas City will follow up a GO sale from last month with $186 million of tax-exempt, taxable new money and refunding special obligation bonds Wednesday.

The services sector showed improvement and employment made big gains in March, but economists note the labor market remains far from full employment.

With its growth only slightly hindered by the pandemic, the University of Texas System aims for savings with refunding deal.

Non-farm payrolls rose 916,000 in March, according to a Labor Department report Friday, while the unemployment rate fell to 6%.

Susan Courtney, head of the Municipal Bond Team at PGIM Fixed Income, talks inflation, muni credit in COVID times and infrastructure. (27 Minutes) Lynne Funk hosts.

Municipal bond industry leaders weighed in on their expectations for 2021 during a panel discussion at The Bond Buyer's National Outlook Conference.