Primary bond market

Municipal bonds ended mixed on Monday, according to traders, as the New York City Transitional Finance Authority’s $1 billion of building aid revenue bonds were priced for retail investors and the Chicago Public Schools came to market with an unrated bond deal.

Chicago Public Schools borrowed $500 million after doubling the size of its GO offering.

Municipal bonds were mixed at mid-session, according to traders, who are set to see a chunky new issue slate head to market this week. Volume is estimated at $9.29 billion, composed of $7.94 billion of negotiated deals and $1.35 billion of competitive sales.

After two years Illinois finally got a budget, but this week the municipal bond market will be eying the state’s credit rating.

Municipal bond traders are set to see a chunky new issue slate head to market this week. Volume is estimated at $9.29 billion, composed of $7.94 billion of negotiated deals and $1.35 billion of competitive sales.

Municipal market participants will get back to work and find their hands full, with $9 billion of new issuance forecast for the primary market.

Bank of America Merrill Lynch used a big second quarter to overtake Citi at the top of the municipal league tables, while Morgan Stanley, RBC Capital Markets and Goldman Sachs moved up in the first half rankings.

Top-shelf municipal bonds were weaker at mid-session, according to traders, who were looking ahead to next week’s hefty new issue slate. Ipreo estimates volume at $9.29 billion, consisting of $7.94 billion of negotiated deals and $1.35 billion of competitive sales.

Municipal bond traders are finishing up a sleepy week where very little happened in the secondary and the primary was even quieter.

Moody's Investors Service has downgraded the rating for Puerto Rico Electric Power Authority's (PREPA) approximately $8.0 billion in Power Revenue Bonds to Ca from Caa3. The outlook remains negative.

Moody's Investors Service has placed the B3 general obligation (GO) rating of the Chicago Board of Education, IL (CPS) under review for possible downgrade.

In the week ended July 6, the average yield to maturity of the Bond Buyer Municipal Bond Index rose four basis points to 4.09% from 4.05% the previous week. The BB40 Index is based on the price of 40 long-term bonds.

Top rated municipal bonds ended weaker on Thursday, traders said, as only a few smaller-sized bond sales hit the primary market.

Top-rated municipal bonds were weaker in quiet midday trading, traders said, as only a few smaller-sized bond sales hit the primary market.

The municipal bond market was expected to remain quiet on Thursday, with only a few smaller-sized bond sales set to be priced in the primary, and action in the secondary expected to remain muted.

Top-quality municipal bonds finished mixed on Wednesday, according to traders, who returned to work after the Fourth of July holiday to see a $130.4 million new issue calendar, the smallest of the year.

One week after National Public Finance Guarantee was downgraded two-notches by S&P Global Ratings, the bond insurer laid off 29 employees, slashing all of the new-business team.

Top-quality municipal bonds were weaker at mid-session, according to traders who returned to work after the Fourth of July holiday to see a $130.4 million new issue calendar, the smallest of the year.

Municipal bond traders are returning to work after the Fourth of July holiday only to see a $130.4 million new issue calendar, the smallest of the year.

Top-rated municipal bonds finished weaker on Monday in a quiet pre-holiday-shortened trading session.