Secondary bond market

New Jersey said it expects to issue up to $4.5 billion of tax-exempt and taxable bonds the week of Nov. 18 under the COVID-19 Emergency Bond Act.

Taxables march on while ICI reports billions of inflows and secondary trading shows long-end strength.

Municipal bonds were steady to stronger on Tuesday. Taxable issuance continues its record growth, putting overall issuance on pace to be the largest year on record.

Municipals were in a holding pattern ahead of this week's $15.8 billion new-issue slate as issuers pour debt into the market and investors remain cautious ahead of election results.

Municipals held firm Friday as the market gets set for another week of hefty supply. Citi anticipates $550 billion in 2021, led by surge in taxable issuance.

Municipals were little changed on Thursday as the supply surge continued ahead of the U.S. elections.

The current deal deluge is causing a minor yield pullback, but levels have been steadier than many probably thought, trader said.

Municipals weakened as supply surged into the market, with AAA yields up by as much two basis points on longer-dated maturities.

The coronavirus pandemic took its toll on Hawaii's credit rating Monday as Fitch cuts the Aloha State's GOs to AA. NYC TFA announces $1.1B sale for next week.

The market will digest the once-again largest amount of new issues in 2020, including some higher-grade state GOs that have been quiet of late. Some participants said a back-up in rates could occur after a mostly quiet week.