Primary bond market

Feeling the revenue hit from the coronavirus, the commission has received state approval for a second delay in $112.5 million quarterly transit payments.

On Friday, municipals finished little changed, with yields remaining steady along most of the AAA GO scales.

The new-issue market saw deals from Houston, the Illinois Finance Authority and the City and County of San Francisco, Calif., hit the screens.

Duane McAllister and Lyle Fitterer of Baird talk with Chip Barnett about low rates and credit quality. They discuss the best scenarios for investors and issuers in these challenging times. (20 minutes)

Secondary trading picked up somewhat while the new-issue market saw a large amount of taxables in the negotiated space while Pennsylvania competitively sold $470 million of general obligation bonds.

With its ratings intact as it navigates the pandemic's impact, the large Illinois system is issuing new money and refunding bonds

Potential fiscal fallout from the police killing of George Floyd and the pandemic's economic strains brought a negative outlook to the city's AAA S&P rating.

The Puerto Rico Housing Finance Authority may issue $250 million of tax-exempt capital fund modernization program refunding bonds the week of Sept. 28.

The city's full-court press on investors includes a webinar to replace pre-COVID-19 investor luncheons and one-on-one calls ahead of the $1.24 billion deal.

Former New Jersey Department of Treasury senior staffer Bobby Rand explains why he thinks Gov. Phil Murphy’s $4 billion borrowing proposal to offset lost revenues caused by the COVID-19 pandemic will exacerbate the state’s fiscal woes.  Andrew Coen hosts. (29 minutes). 

The $73 million in present value savings over the next three years will help offset the costs of the coronavirus pandemic.

"Yields are just still so remarkably low," a New York City trader said.

The bonds are pricing in three series on Wednesday and Thursday through senior manager Morgan Stanley.

Municipals held firm ahead of a strong supply stream of bonds in a calendar heavy with taxable and green bond deals.

S&P Global Ratings revised its outlook on Pennsylvania's A-plus rating to negative from stable ahead of Wednesday's competitive general obligation bond sale.

Longer-dated municipals strengthened Thursday as transportation deals from Oregon, Texas and Atlanta issuers came to market.

Muni yields fell a basis point on some AAA curves Wednesday as deals from Maryland and California hit the screens.

The fluid nature of municipal credit during the coronavirus is countering what are 'fairly solid technical factors' for the market while participants await news out of Washington for more stimulus.

Siddharth Singhai, chief investment officer at IronHold Capital, explores how pension funds can choose better money managers. Paul Burton hosts. (16 min.)

As the long Labor Day holiday beckoned, munis remained mostly steady in quiet trading. Cal trades up.