Primary bond market

Tax reform legislation will be front and center this week, snatching the market’s attention as Congress moves ahead with measures that will change the bond marketplace in the near- and long-term. Both the House and Senate are taking up muni proposals that will directly impact issuers, underwriters and bond buyers.

Municipal bond traders will see a chunky new issue calendar this week as the market’s focus will be on Washington, where Congress will continue to work on tax reform legislation.

The municipal market will get another healthy dose of issuance in the final full week before Thanksgiving. The calendar is chock full of deals from Illinois, as all issuers look to price bonds before the tax laws change.

Chicago's Board of Education is pricing more than $900 million, citing positive rating actions and a better balance sheet.

The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, was lower to 3.92% from 4.00% last week.

Municipal bonds were markedly weaker at midday as market participants remain fixated on the newly released Senate tax reform proposal and how it compares with the House version.

Municipal bond market participants are scanning the news closely for details of tax reform provisions that affect them.

The Illinois Finance Authority authorized a passel of deals that would be outlawed by a GOP tax bill.

The last of the week’s big municipal bond deals came to market on Thursday – both from California issuers – as municipals finished weaker in secondary trading.

Blow-back from the sell-side centered on the proposal's potential to drive up infrastructure financing costs and accelerate the departure of smaller firms from the business.

The last of the week’s big municipal bond deals came to market on Thursday as municipals wavered in mid-session trade.

Market participants are waiting for the last major deal of the week to price while also hoping for some clarity on the tax reform situation.

Deals came in waves in the busiest day of the week Wednesday, with the market firming and most issuers able to lower yields.

JPMorgan Securities won the week’s largest bond deal — Pennsylvania’s $974 million of general obligation bonds. In secondary trading, municipals were stronger at midday.

Pennsylvania is set to hit the market with the week’s biggest offering — a $974 million competitive sale. Municipals were stronger, according to early trade data.

The first of the week's new issuance rolled in on Tuesday as strengthening municipal bond prices allowed underwriters to cut yields on some of the day’s larger deals.

The first of the week's new issuance starting to roll in on Tuesday, as top-rated municipal bonds were stronger.

The city still plans to refund its outstanding water debt under its own revenue bond credit.

Municipals continued to strengthen as the first of the week's issuance starting to roll in on Tuesday, including the second biggest deal of the week.

Municipal yields were down by as many as seven basis points amid concern that tax reform may crimp supply.