Taxable bonds

Municipals finished little changed as a deluge of taxable deals get ready to hit the market.

Century Housing says it has financed 45,000 affordable housing units, but this marks its first venture into the municipal bond market with a muni CUSIP.

The $779 million refunding will capture present value savings while pushing off some debt repayments for budget relief that Fitch called "reasonable."

The trend should continue, unless coronavirus-related enrollment losses force an end.

Oregon's $320.4 million of taxable GO bonds were 7.7 times oversubscribed in some maturities.

Issuers bringing taxable deals this week should see robust buying interest as the strong performance of the corporate market has pushed yields down, making double-A taxable municipal bond yields attractive for corporate investors in the 21% tax bracket.

By trading electronically — the international standard — and providing regulatory reporting support as a result, the firm said it broadens the ability for foreign investors to buy munis.

Tax-exempt and taxable deals priced as dealers opened up their balance sheets to new issues while the market still awaits word from the Fed on coronavirus-led purchase programs.

The corporate bond business appears to enjoy greater liquidity than tax-exempts, said Lee Deviney, executive director of the Texas Public Finance Authority.

Supply-starved investors flocked to the St. Louis-based private university's taxable deal, which was upsized to $450 million from $300 million.

Schools in 39 states had closed by Wednesday.

GLWA has the flexibility to come to market as early as this week, but is monitoring the market in light of the COVID-19 impact.

Wisconsin's capital finance director says the market offers savings on state bonds he never thought would be refunding candidates.

With increasing frequency, taxables are issued with a 10-year par call and as will become clear, they are a good deal for the investors.

With major projects in its future, Dallas Area Rapid Transit is making the most of record low rates in a $260 million bond sale.

With each passing day, fears surrounding COVID-19 elevate as the equity sell-off pressed on. The biggest winners have and will continue to be muni issuers, as they are selling into a record low rate market.

Taxable bonds and COVID-19 are two of the main catalysts that helped February municipal bond volume ascend to its highest level since at least 1986.

Municipal market technicals were already driving performance and so the strong quality bid has deepened the rally across the curve as the asset class really didn’t need to grab the U.S. Treasuries coattails all that tightly.

Issuers of all sizes are taking advantage of the expanding taxable investor base — from institutions to international to SMAs — as the muni market evolves.

Issuers in the Far West sold $85 billion of municipal bonds in 2019, a 23% increase from 2018.