Secondary bond market

Estimated total bond volume for the week is $9.897 billion, which consists of $6.644 billion of negotiated deals and $3.253 billion of competitive sales.

Municipal bond traders will see a chunky new issue calendar this week as the market’s focus will be on Washington, where Congress will continue to work on tax reform legislation.

The municipal market will get another healthy dose of issuance in the final full week before Thanksgiving. The calendar is chock full of deals from Illinois, as all issuers look to price bonds before the tax laws change.

Municipal bonds were markedly weaker at midday as market participants remain fixated on the newly released Senate tax reform proposal and how it compares with the House version.

Municipal bond market participants are scanning the news closely for details of tax reform provisions that affect them.

The last of the week’s big municipal bond deals came to market on Thursday – both from California issuers – as municipals finished weaker in secondary trading.

The last of the week’s big municipal bond deals came to market on Thursday as municipals wavered in mid-session trade.

Market participants are waiting for the last major deal of the week to price while also hoping for some clarity on the tax reform situation.

Deals came in waves in the busiest day of the week Wednesday, with the market firming and most issuers able to lower yields.

JPMorgan Securities won the week’s largest bond deal — Pennsylvania’s $974 million of general obligation bonds. In secondary trading, municipals were stronger at midday.

Pennsylvania is set to hit the market with the week’s biggest offering — a $974 million competitive sale. Municipals were stronger, according to early trade data.

The first of the week's new issuance rolled in on Tuesday as strengthening municipal bond prices allowed underwriters to cut yields on some of the day’s larger deals.

The first of the week's new issuance starting to roll in on Tuesday, as top-rated municipal bonds were stronger.

Municipals continued to strengthen as the first of the week's issuance starting to roll in on Tuesday, including the second biggest deal of the week.

Municipal yields were down by as many as seven basis points amid concern that tax reform may crimp supply.

Retail and institutional municipal bond investors hope volume of nearly $9 billion is a sign of consistent elevated weekly volume for the remainder of the year.

With nearly $9 billion in volume, thanks to a large refunding deal, market participants expect issuance will remain strong as issuers try to beat tax reform.

Refundings on the calendar for the week ahead spurred speculation that issuers may rush deals to market before they are banned by the GOP tax plan.

Top-shelf municipal bonds were stronger on Friday around midday, as market participants were still going over the details of the GOP tax reform bill.

The municipal bond market is still chewing over the details of the GOP tax reform bill, and considering its implications.