Secondary bond market

Taxable munis hold the distinction as being the largest positive sector year-to-date, up 2.81%. High-yield has been hammered, losing 10%.

A range of technical issues — from month-end accounting and financing to spread widening, price volatility and the coronavirus impact on businesses and the economy — spurred a tone of relative quiet in Thursday's trade.

William Sims, managing principal, and Jim Bodine, executive vice president, of Herbert J. Sims & Co., offer some perspective and proportion around the impact of COVID-19 on the senior living industry and associated investments.

The primary, meanwhile, digested a massive $1.12 billion bond offering from New York Power Authority. The entire deal was structured to mature later than 2045 and a good portion of it was designated green bonds.

The market isn't facing 50-basis-point swings, but its footing is still off as participants grapple with the long-term effects of the pandemic. New deals are getting pulled and New York Power is about to issue bonds maturing in 2060.

The municipal bond market will see more supply hit the screens this week as buyers await much needed issuance and sellers hope for improved liquidity.

Rate volatility is still evident on the buy side of the municipal market as bid wanted lists reflect redemptions or portfolio restructuring by investors, analysts said.

The municipal market kept with a cautious tone on Thursday as the new-issue market continues to digest deals.

Bryan Garcia and Eric Shrago of the Connecticut Green Bank, explain how “Green Liberty Bonds” will expand clean energy investment. The small-denomination munis for retail, modeled after the World War II Series E bonds, are independently certified to fight climate change. Chip Barnett hosts.

The municipal market saw a plethora of deals come in while secondary market trading showed some weakness on AAA benchmarks.