Sell side

In other asset classes, there has been more transparency, activity and efficiency due to electronic trading. The muni market has been behind in realizing how beneficial electronic trading can be, sources said.

Healthcare and transportation had the biggest contraction in issuance volume.

July's total volume was $25.939 billion in 542 issues, down from $28.258 billion in 619 issues a year earlier, the smallest percentage drop in monthly issuance year-over-year in 2023, according to Refinitiv data.

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Nonprofit assisted living and nursing home bonds continue to be under stress, with defaults and impairments on the rise.

BofA Securities remained at the top of the list, with $22.948 billion, accounting for 13.4% of the market, but the rest of the top 10 saw some shuffling.

Total volume for the month was $34.436 billion in 744 issues, down from $37.775 billion in 984 issues a year earlier, according to Refinitiv data.

David Fields, Rob Whitlock and Naomi O'Dell have been hired from RBC Capital Markets and will work out of the firm's Philadelphia and Chicago offices.

Some in the industry already use AI to help determine fair bid and offer prices and to summarize new-issue offering statements, but full integration into all aspects of the market is a ways away.

The $6.9 billion new-issue calendar features high-grade deals from Georgia, Washington and Massachusetts, among other frequently traded credits, which should provide direction for scales.