Secondary bond market

New York, Texas and Pennsylvania issues headline the new-issue slate.

Yields on the long end of the curve dropped as much as seven basis points while very short yields rose.

Asset managers maintain key strategies, but take advantage of post-pandemic opportunities amid overall stabilization.

Lynn Martin, president & COO of ICE Data Services, also owner of the New York Stock Exchange, talks about ICE's role in pricing, its municipal evaluation services and just how the municipal market itself is resilient. Chip Barnett, senior markets reporter hosts with another Lynn(e), innovation editor at The Bond Buyer.

The market looks forward to Thursday's $3.3 billion note deal from DASNY after handling a sizable calendar Wednesday.

Traders will be looking closely at Wednesday's FOMC meeting and whether the Fed will set target yields for some U.S. Treasury securities.

The new-issue calendar is filling up with deals formerly on the day-to-day slate, however net supply over the summer is expected to total negative $55B, including negative $15B in June, negative $21B in July and negative $19B in August.

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.

Phil Toews, CEO of Toews Corp., talks about all the recent market turmoil and what it means for the municipal bond market in general and high-yield munis specifically. Chip Barnett hosts.

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

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

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

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.

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.

Richard Taormina, portfolio manager and head of tax aware strategies at JPMorgan Asset Management talks about the effects COVID-19 is having on credits in the municipal bond market and why crossover buyers think this an attractive asset class. Chip Barnett hosts.

Even with the news that New York City is looking to potentially borrow $7B through its Transitional Finance Authority as it faces $9B in lower revenues, the market didn’t blink and TFAs traded firmer.

Credit concern is being lost somewhat in pricing munis and traders said they are looking for alternative benchmarks, even turning to corporates and U.S. Treasuries to price the market.

The primary supply for the holiday-shortened week is projected to dip to just over $4 billion, with a mix of tax-exempt and taxable issuance led by Colorado’s $500 million of certificates of participation.

Taxable equivalent yields on exempts are close to converging into taxables.