Primary bond market

Municipal bond traders are set to see more deals head their way on Thursday as the market will see the last big sales of the week hit the screens.

Top-rated municipal bonds finished stronger on Wednesday as a large deal from a New York and New Jersey issuer hit the screens while a deal from a Chicago issuer was postponed until next week.

While working on two bond sales and finalizing a new budget, Cook County, Ill. is eyeing layoffs.

The county plans to price $344 million of limited obligation refunding warrants, with a new 1% local sales tax supporting debt service.

Top-rated municipal bonds were stronger at mid-session, according to traders, who were seeing another wave of supply hit the market.

Municipal bond traders on Wednesday are expecting another wave of supply to hit the market, with large deals coming from a New York and New Jersey issuer.

The New York City Transitional Finance Authority’s $1.01 billion deal was accelerated by a day with the bonds being priced for institutions on Tuesday.

The pricing on the New York City Transitional Finance Authority’s $1.01 billion deal was accelerated by a day as top-quality municipal bonds turned mixed on Tuesday.

The municipal bond market on Tuesday will see more supply head its way with the second day of retail orders being held on the New York City Transitional Finance Authority’s $1 billion of building aid revenue bonds and deals expected from Los Angles and Philadelphia.

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.