Primary bond market

Taxables march on while ICI reports billions of inflows and secondary trading shows long-end strength.

South Carolina-owned utility Santee Cooper issued A-rated revenue and refunding bonds that achieved $134 million in net present value savings and drew $3.5 billion in orders from yield-starved investors.

In an all new money deal, North Carolina plans to issue debt for its Build NC statewide transportation financing program.

Municipal bonds were steady to stronger on Tuesday. Taxable issuance continues its record growth, putting overall issuance on pace to be the largest year on record.

Municipals were in a holding pattern ahead of this week's $15.8 billion new-issue slate as issuers pour debt into the market and investors remain cautious ahead of election results.

The deal is being wrapped with insurance and $300 million of the $434 million offering is supported with the state government's moral obligation backing.

The Central Texas Regional Mobility Authority will sell $333 million of bonds and notes.

"We have no need for cash-flow relief or restructuring," said the treasurer of Dallas Area Rapid Transit, which continues to expand its rail services.

Municipals held firm Friday as the market gets set for another week of hefty supply. Citi anticipates $550 billion in 2021, led by surge in taxable issuance.

Municipals were little changed on Thursday as the supply surge continued ahead of the U.S. elections.

The No Place Like Home bonds, backed by a long-standing income tax surcharge, fund supportive housing for homeless people with mental health issues.

The current deal deluge is causing a minor yield pullback, but levels have been steadier than many probably thought, trader said.

Favorable sale results compared to recent secondary trading levels prompted MMD to narrow Illinois' spreads on average by 10-30 basis points across the curve with the short-end seeing the biggest improvement.

CommonSpirit's deal marks the next phase in managing the combined debt porfolio of CHI and Dignity.

Municipals weakened as supply surged into the market, with AAA yields up by as much two basis points on longer-dated maturities.

The coronavirus pandemic took its toll on Hawaii's credit rating Monday as Fitch cuts the Aloha State's GOs to AA. NYC TFA announces $1.1B sale for next week.

Arizona-based Banner Health adds another hospital to its system as it offers investors $607.6 million of taxable revenue bonds.

Weathering headwinds from the pandemic and energy industry turmoil, the Oklahoma Department of Transportation will price $193 million for highway projects.

Detroit's spreads widened from last deal in 2018 but interest rates were lower thanks to overall bond market conditions.

The market will digest the once-again largest amount of new issues in 2020, including some higher-grade state GOs that have been quiet of late. Some participants said a back-up in rates could occur after a mostly quiet week.