Securitization

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.

Municipals were a bit stronger on the long end Thursday as action heated up in the primary.

Chris Brigati, managing director and head of municipal trading at Advisors Asset Management, talks with Chip Barnett about what investors can expect in the fourth quarter. He looks at interest rates, the economy and the presidential election and what’s in store in a post-pandemic world. (21 minutes)

Municipals finished little changed Wednesday as a hefty slate of new deals came to market.

Municipals were mostly unchanged with a firm tone on Tuesday, according to market participants, ahead of the week's large new-issue calendar that's heavy on taxables.

Munis too a breather Friday after a week where yields rose by as much as 10 basis points on long-dated maturities.

The Puerto Rico Aqueduct and Sewer Authority said it might be refinancing its bond debt with a new bond issue by the end of the year.

Another week of inflows as reported by ICI and the municipal market continues to push on. There is money to put to work, sources say, depending on who is willing.

Municipals weakened on Tuesday, with yields off by as much as three basis points.

After COVID-19 left NYC with a ratings downgrade, the city offered retail investors first crack at its $1 billion GO deal. The San Francisco Public Utilities Commission will be the first issuer to publicly list on an international exchange in an attempt to lure foreign investors.

There are plenty of taxable deals on the upcoming week’s new-issue calendar while several large deals from issuers in New York will be in the spotlight after Moody's downgrades.

Moody's cut NYC's $39 billion of outstanding GOs to Aa2 citing the effects of COVID-19 and also lowered the debt rating of New York State.

Kim Olsan, senior vice president at FHN Financial talks with The Bond Buyer's Lynne Funk about trading the municipal market in the COVID era. Olsan trades the short- and intermediate but she has some thoughts about high-yield and taxables as well. (36 minutes)

The Puerto Rico Housing Finance Authority’s deal came in three times oversubscribed and was an important step in the Commonwealth’s return to the capital markets.