Securitization

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.

Market participants reacted negatively to the proposal in the tax reform bill to eliminate advanced refundings and private activity bonds, saying it would crimp volume and the savings issuers can get when rates fall. In the primary, strong demand met a Virginia issuer's $737 million PAB.

Strong legal and structural protections earned the debt top grades from Kroll and Fitch. S&P wasn't as bullish.

Municipals and Treasuries were stronger around midday, with the GOP releasing some details of its tax bill and ahead of President Trump’s expected nomination of Jerome Powell as Fed chair.

Municipal bond prices rose as the week's biggest issue is scheduled to price.

A handful of issuers took advantage of low activity Wednesday as the market anticipated the decision to keep the benchmark fed funds rate unchanged.

The primary municipal bond market saw a few deals trickle in on Wednesday, as the Federal Open Market Committee's announcement regarding interest rates nears.