Primary bond market

The top municipal bond counsel saw $265.58 billion of business in the first three quarters of 2019, up from $237.49 billion a year earlier. Orrick Herrington & Sutcliffe LLP once again found itself on top with Hawkins Delafield and Wood gaining some ground.

The two active municipal bond insurers insured $5 billion more in 2019 than they did in 2018 thanks to a surge of issuance in the fourth quarter. Assured Guaranty and Build America Mutual combined for $23.92 billion of insured volume spanning 1,724 transactions and 5.67% penetration rate in 2019. That is up from $18.92 billion in 1,249 deals and 5.58% insured rate in 2018.

The municipal bond market will see a several large hospital corporate CUSIP taxable deals priced this week. Partners HealthCare Mass General, Cottage Health and Hartford HealthCare top a $7 billion calendar. Just what the doctor ordered for supply-starved buyers.

Chicago’s $1.5 billion sale of general obligation refunding bonds and Sales Tax Securitization Corp. debt generated $310 million of budget savings.

Although municipal bond volume is expected to rise by almost $2 billion, it won’t be nearly enough to satisfy investors’ thirst for the asset class.

The Big Ten school, which has favored shorter maturities, is issuing 40-year bonds in a bid to diversify its debt portfolio and lock in low rates.

On heels of a successful GO deal on Wednesday, the market was hit with more Chicago paper as the city's STSC deal saw ample demand.

Wisconsin's latest and historical financials, ratings, offering statements, and contacts are now available at Wisconsinbonds.com

Buy side analysts are skeptical about broker-dealer concerns that the order could greatly expand the private placement market.

A calm rate outlook, a focus on taxable municipals, and a stable credit outlook are drivers of the current outlook and market convictions for Gary Pollack of Deutsche Bank. John Hallacy hosts.

Chicago GOs were upsized and repriced on Wednesday to bump yields as indications of interest were taken on the Sales Tax Securitization sale.

Both the senior and the new second lien of Chicago's Sales Tax Securities Corp. are now rated AA-minus.

The muni market saw a handful of deals price while the market strengthened ahead of the bellwether deals that come Wednesday and Thursday.

A healthy response to Chicago's first tender invitation is expected to bolster the savings on $1.47 billion of refinancing debt the city sells this week.

It has been a couple of years since the market has seen an active January to start the year.

The Windy City is looking to add even more savings to a $1.3 billion debt refinancing with a tender invitation for some of its older, higher-yielding bonds. “The tender is just gravy,” City CFO Jennie Huang Bennett said last week.

Attendees at The Bond Buyer’s Deal of the Year ceremony look ahead to the new year and discuss what they feel will be the biggest stories of 2020.

Attendees at The Bond Buyer’s Deal of the Year ceremony talk about what issues they think had the biggest impact in municipal finance last year.

Demand for municipal bonds is much stronger in 2020 than it was to end 2019, illustrated by record inflows into the asset class in the latest reporting week.

The muni market saw the last issuance of the week come and go; the front end of the curve were stronger than the long-end.