Public finance

In secondary trading municipals ended weaker after a strong employment report.

New deals thrive and inflows continue as Lipper reports $1.2 billion into municipal bond mutual funds.

S&P Global Ratings lowered the Port Authority’s special project bonds issued of behalf of JFK International Air Terminal LLC to BBB from BBB-plus.

Orange County tourist tax collections plummeted 97% from the year earlier to $765,900 in April, the largest decline ever seen.

Public pension plans already received their 2020 funding by the time that the initial economic shock wave of the pandemic occurred.

Primary market deals generated strong demand, and municipals were little changed in secondary trading.

The bi-state agency can apply to use the Federal Reserve’s Municipal Liquidity Facility, if it chooses.

The fragility of the economy amid protests and the continuing coronavirus threats have dealers unloading some risk.

The Wisconsin Center District deal provides some expansion financing and near-term debt relief after the agency was stung by lost conventions and tax revenue.

Wisconsin officials are still assessing the potential impact on its general fund revenues.

The Supreme Court's decision will lead to federal consideration of who should serve on the Oversight Board for the next three-year term.

Although voters are dissatisfied with the current administration's response to three crises, turnout is expected to be light.

State and local governments have increasingly filed COVID-19-related disclosures to the market, but only about 931 issuers out of roughly 40,000 have filed over 1,500 material event notices and continuing disclosures since the pandemic began.

Some investors expressed concern over the market‘s muted reaction to the country’s depth of effects over the current crises.

The high court unanimously ruled the Oversight Board members do not need to be confirmed by the U.S. Senate under the Constitution’s Appointments Clause.

Maine is planning a $119.4 million bond sale this week to improve roads, broadband, senior housing and public colleges.

State leaders are reluctant to grant New York City more bond capability, and other city leaders want Bill de Blasio to further reduce his proposed spending plan.

Tightening spreads and low yields ended the month as demand for municipal bonds is expected to overwhelm $6 billion in volume heading to the primary.

Bond volume was 4.2% lower than it was a year ago but increased from March and April’s low totals.

Municipal to U.S. Treasury ratios have been a focus for many participants of late. Historically attractive ratios, low supply, and continued fund inflows are creating some strength in the municipal market.