Primary bond market

The state of Texas is selling the biggest deal of the week on Tuesday — a $5.4 billion note offering, which is also the biggest short-term sale so far this year.

The Big Apple will offer about $860 million of tax-exempt fixed rate bonds, $250 million of taxable fixed-rate bonds, and $200 million of tax-exempt variable-rate demand bonds.

The city priced refunding bonds for Philadelphia Gas Works.

Top-quality municipal bonds finished stronger on Monday, according to traders, who face a smaller-than-average bond calendar and a $5.4 billion Texas note deal this week.

A big drop-off in Texas and a decline in refundings took a bite out of the municipal bond business in the Southwest.

Top quality municipal bonds were stronger at mid-session, according to traders, ahead of this week’s $4 billion new issue calendar.

The municipal bond market is looking at a smaller than average bond calendar this week, which will be dominated by the short-term note sector.

The state of Texas is riding into the market this week with the biggest short-term deal of the year.

The municipal market got off to a fast start in terms of issuance this year, picking up in January right where it left off from 2016’s record-setting totals. However, the pace of issuance has since slowed, leaving 2017 first-half volume lagging last year's levels.

The $560 million deal is expected to sell later this month.

Primary municipal bond market volume is expected to drop to $4 billion in the coming week, as one gigantic note sale is expected to be larger than the entire bond calendar.

The region's slipping volume reflected a national trend.

Ipreo estimates total bond volume for next week at $4 billion, down from a revised total of $5.9 billion this week, according to data from Thomson Reuters. Next week’s calculations do not include note sales.

Muni traders on Friday are looking ahead to next week’s lighter new issue slate, which will be dominated by a note deal, rather than a bond sale.

In the week ended Aug. 17, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index was steady at 4.01% from the previous week. The BB40 Index is based on the price of 40 long-term bonds.

Top-rated municipal bonds ended mixed on Thursday, traders said, as the last big deals of the week came to market.

The $358 million deal saw net present value savings of 9.46%, among the highest the state has seen.

Top-rated municipal bonds were steady at mid-session, traders said, as the last big deals of the week were heading to market.

Municipal bond traders will see the last big deals of the week come to market on Thursday, led off by sales from issuers in Colorado and Illinois.

Cook County stresses lack of link between its sales tax bonds and controversial beverage tax as it readies sale.