Securitization

The muni market strengthened, following treasuries, as yields continued to drop.

With demand at an all-time high and record inflows that is continuing to come into the market, one would think there would be more issuance.

A mixture of taxable and tax-exempt deals priced into a market flush with cash. Muni yields continued to descend, as they moved three basis points lower today.

Large taxable deals fare well while gilt-edged Delaware yields track in line with AAA benchmarks in competitive deal.

After returning north of 7% in 2019, the municipal bond asset class continues to see strong returns so far in 2020.

The two active municipal bond insurers insured $5 billion more in 2019 than they did in 2018 thanks to a surge of issuance in the fourth quarter. Assured Guaranty and Build America Mutual combined for $23.92 billion of insured volume spanning 1,724 transactions and 5.67% penetration rate in 2019. That is up from $18.92 billion in 1,249 deals and 5.58% insured rate in 2018.

Although municipal bond volume is expected to rise by almost $2 billion, it won’t be nearly enough to satisfy investors’ thirst for the asset class.

On heels of a successful GO deal on Wednesday, the market was hit with more Chicago paper as the city's STSC deal saw ample demand.

Buy side analysts are skeptical about broker-dealer concerns that the order could greatly expand the private placement market.

A calm rate outlook, a focus on taxable municipals, and a stable credit outlook are drivers of the current outlook and market convictions for Gary Pollack of Deutsche Bank. John Hallacy hosts.

Chicago GOs were upsized and repriced on Wednesday to bump yields as indications of interest were taken on the Sales Tax Securitization sale.

The muni market saw a handful of deals price while the market strengthened ahead of the bellwether deals that come Wednesday and Thursday.

It has been a couple of years since the market has seen an active January to start the year.

Attendees at The Bond Buyer’s Deal of the Year ceremony look ahead to the new year and discuss what they feel will be the biggest stories of 2020.

Attendees at The Bond Buyer’s Deal of the Year ceremony talk about what issues they think had the biggest impact in municipal finance last year.

Demand for municipal bonds is much stronger in 2020 than it was to end 2019, illustrated by record inflows into the asset class in the latest reporting week.

The muni market saw the last issuance of the week come and go; the front end of the curve were stronger than the long-end.

The Financial Industry Regulatory Authority released its annual Risk Monitoring and Examinations Priorities letter Thursday.

It's been a few weeks since the market has seen "normal" issuance, but investor demand picked up right where it left off before the holidays.

Four large competitive deals stole the show on Tuesday, including New Jersey's first general obligation sale in a little more than three years.