Primary bond market

Municipal bond volume will dip to under $5 billion next week, according to estimates released on Friday.

The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, rose to 3.99% from 3.97% the week before.

Sporadic trading and price firmness drove the municipal market on Thursday.

Price stability was outweighing trading activity and volume on Thursday morning in the municipal market.

Municipal bond buyers were singing “I love New York” on Wednesday as they grabbed bonds from two Empire State issuers.

The upgrade comes ahead of a $619 million bond sale.

Two big New York issuers came to market on Wednesday as municipal bonds were little changed in secondary action.

California’s Infrastructure bank hit the municipal market with a big note offering on Monday, while a New York City Transitional Finance Authority deal was offered to retail buyers.

The California Academy of Sciences refinanced debt used to build its facility.

Wayne County plans to issue the debt, secured with a state intercept, though the Michigan Finance Authority.

The big New York City issue was priced for retail investors and a large California note issue was offered to buyers, while municipals turned weaker in secondary trade.

The Fairfield-Suisun school district will use proceeds to modernize its schools.

Municipals turned weaker on Monday as traders prepared their strategies ahead of the week’s issuance.

S&P Global Ratings boosted Michigan's general obligation bonds to AA from AA-minus.

Redemption demand should continue to surface this week even with the arrival of new issuance, municipal sources said.

New York issues again dominate as the bond calendar dips to $5.3 billion in the new week.

Municipal bond volume will dip to a more average 2018 level next week.

MSRB is seeking comments on a revised set of potential draft amendments to its rules on primary offering practices and related disclosures that it says would benefit the market for relatively limited costs to participants.

In the week ended July 19, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index rose to 3.97% from 3.96% the previous week. The BB40 Index is based on the price of 40 long-term bonds.

New issues were well spoken for on Thursday as hungry investors with available cash participated in the largest deals of the week.