Secondary bond market

Looking forward, a myriad of factors, including spiking fuel prices, fallout from the Russian invasion of Ukraine and the heat wave, “will facilitate recessionary(ish) economic outcomes by year end," noted an MMA report.

Issuers come to market more often and with larger deals when muni bond funds are enjoying inflows, a new paper contends. But not all market participants agree.

Munis are improving, but positive second-half municipal returns likely won’t be enough to offset the major losses of the first half of the year.

Investors will be greeted Monday with a new-issue calendar estimated at $7 billion. While issuance will likely come in above average this month, negative net issuance is still expected.

BlackRock's Head of Municipals Peter Hayes lays out the muni landscape for the rest of the year, highlighting opportunities for the asset class after the severe volatility so far in 2022.

Investors added $206.127 million to municipal bond mutual funds, according to Refinitiv Lipper data.

The condition of infrastructure projects should be included in bond pricing metrics as many infrastructure assets around the country have turned into liabilities.

Primary market takes focus for large revenue deals from the New York State Thruway Authority and the Colorado Health Facilities Authority.

Munis have been steady to firmer in spots over the past few trading sessions as fundamentals have taken over. Triple-A 30-year munis dipped below 3% Tuesday, the first time since early June.

The $11-billion-plus calendar is the largest in eight weeks and includes two large high-grade issuers which may entice buyers into the market.