Primary bond market

RBC Capital Markets will be the underwriter for the bonds, which will have a maximum maturity of 40 years.

Hastedt says the city plans two bond sales this fall.

FOMC meeting minutes "clearly show why they didn't cut rates," said Northlight Asset Management Chief Investment Officer Chris Zaccarelli.

The muni bond market remains strong, supported by Treasury market strength, said Anders S. Persson, Nuveen's chief investment officer for global fixed income, and Daniel J. Close, Nuveen's head of municipals.

"If unfavorable economic numbers ... are released next month, we should expect a hold on any rate cuts and a possible rate hike to follow, putting a damper on any positive returns for the rest of the year," said Jason Wong, vice president of municipals at AmeriVet Securities.

Electric power bond issuance was up 47.8% and educatron issuance was up 31.6% from the first half of 2024.

Issuance for the week of Aug. 18 remains elevated at an estimated at $6.166 billion, with $5.065 billion of negotiated deals and $1.101 billion of competitive deals on tap, according to LSEG.

The latest inflation report — the producer price index — threw a monkey wrench into expectations for a big rate cut next month, according to some economists, may put into question any easing in September.

Would-be underwriters of the general obligation bonds will be able to see where they've been ranked among all the bids, and to improve their bid accordingly.

Muni performance is likely to recover during the second half of the year, said Cooper Howard, a fixed income strategist at Charles Schwab.