Primary bond market

The municipal bond market will see another moderate new issue calendar this week, with about $4.9 billion of offerings going up for sale

While low volume is frustrating for investors, scarcity is driving demand as buyers have realized they cannot wait for something that will not come. Although this week lacks a large deal, it is full of medium sized deals from a variety of issuers.

The Securities Industry and Financial Markets Association's newest model documents incorporate months of experience with the year-old issue price regulations, which most issuers think are working well.

Issuers and the MSRB are mostly on the same page about primary offering practices that may warrant scrutiny, but some members of the GFOA's debt committee are concerned about "regulatory creep."

Another low volume week is on top, but the scarcity value is driving demand as the market continues to be strong in the face of rising interest rates.

The $914 million deal will help finance a $7.4 billion project to renovate and expand the airport.

The municipal bond market will see another light new issue calendar next week with volume estimated at $4.86 billion.

The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, dipped to 4.04% from 4.05% the week before.

Municipal bonds were stronger on Thursday as volatility in the stock market drove a flight to quality.

The $40 million offering will fund affordable housing projects

Just a few months after the implementation of new tax legislation, the municipal market has a different look and feel to it. Sean Carney, managing director and head of municipal strategy at BlackRock, discusses what impact the new tax laws have already had on munis, and what other ripple effects the market could see down the road. Hosted by Aaron Weitzman.

Demand for municipal bonds is high, with one factor keeping munis from the volatility being experienced in other markets.

Munis followed Treasurys after the Federal Reserve left interest rates unchanged and tweaked its statement on inflation.

Caution is the watchword in the municipal market on Wednesday as participants await details of the Federal Reserve's monetary policy meeting.

The district sold $206 million of general obligation bonds in April, including a taxable refunding deal.

Fitch and S&P's affirmation of Milwaukee's double-A ratings comes after Moody's cut the city.

Municipal bonds were mixed in late trading on Tuesday as several large deals hit the screens, led by issuers in New York and Maryland.

Tuesday opened with a positive tone in the municipal bond market with a forecast of heavy demand and strong technicals going into the reinvestment season.

Munis were stronger Monday as bond buyers kept an eye on the Federal Reserve policy makers' meeting.

The MSRB will ask for market feedback on potential interpretive guidance related to a practice the board worries may impair market liquidity.