Primary bond market

The timing of a $1.5 billion deal California had planned to price Thursday is no longer firm amid massive dislocations in the markets.

The municipal bond market is facing a new reality as yields rise, issuance slows and investors remaining skittish about the future.

A big New York State Empire Development Corp. private placement is likely to be followed by more until the municipal primary starts functioning again.

The municipal bond market again sold off as much as a half percentage point across the curve.

Lipper reported a whopping $12.2 billion of outflows from municipal bond funds. Out of that huge number, $5.3 billion were from high-yield funds. The $12 billion figure of outflows in one week equates to about 3% of annual municipal volume.

Schools in 39 states had closed by Wednesday.

Benchmarks showed again that the short end was being hit hardest — 30 basis points up on the one-year and at least 10 up on the long end, but the entire curve was being cut drastically. The primary market was again at a standstill.

The municipal market is dealing with a major liquidity event, with massive short-end selling.

GLWA has the flexibility to come to market as early as this week, but is monitoring the market in light of the COVID-19 impact.

The municipal finance industry is dealing with minute-by-minute news of state-wide school closures, shuttered restaurants, curfews and canceled events. New issues are increasingly being put on the day-to-day calendar.

Muni market players may have to rely on more than their basic instincts as the economy heads into stormy weather.

Uncertainty still abounds for the public finance space, as just before the market close, President Trump declared a national emergency. Meanwhile, states and cities across the country are closing schools, sporting events, and cutting back public transit. But Friday, at least, provided some reprieve from the five previous volatile days.

Career veterans call fallout from COVID-19 concerns on the municipal market worse than that of 9/11 and the 2008 financial crisis combined.

Michael Zezas, managing director of research at Morgan Stanley, notes that muni yields have not fallen as quickly as the Treasury equivalents and recession risk climbs the longer the coronavirus persists. Layer on top of those items the incipient oil competition and quite a storm is brewing. Even liquidity is becoming "disorderly." John Hallacy hosts.

The municipal market was hammered Wednesday by the COVID-19 pandemic with a more than quarter point correction in AAA benchmarks, issuers pulling deals off the shelves and more reports of pricing and evaluation confusion.

Wisconsin's capital finance director says the market offers savings on state bonds he never thought would be refunding candidates.

Uncertainty continues to hang over financial markets due to COVID-19. Stocks rebounded somewhat Tuesday while muni yields rose as much as 16 basis points — Tuesday saw a correction of sorts.

The public agency that owns the city's convention center will consider the expansion project and a financing plan next month.

As COVID-19 wreaks havoc on global markets, munis try to keep pace.

The municipal bond market will see a slew of supply price this week as issuers and investors buffeted by uncertainty, volatility and outright panic. California is selling $2.2 billion of GO bonds, which investors will seek out as a safe haven in these unstable times.