Taxable bonds

The muni market saw $384.086 billion of debt sold in 2022, nearly $100 billion less than $483.234 billion in 2021.

The clock is ticking on Congress waiving PAYGO for Build America Bonds, a budget bear trap that could delay promised subsidy payments totaling $14 billion to issuers.

Must-pass spending bills and a debt ceiling fight are in the near future.

"Yield curve inversion deepens and nears a four-decade low which is clearly setting up this economy for a recession that won't be a mild one," OANDA's Edward Moya said.

Investors will be greeted Monday with a new-issue calendar estimated at $5.893 billion.

Munis saw the best performance in November in decades, with the asset class ending in the positive by 4.68%. The MSRB reported that trading volume reached another record in November, with 1.29 million municipal trades.

Total November volume stood at $19.712 billion, the lightest of any month year-to-date, in 527 versus $37.073 billion in 1,055 issues a year earlier, according to Refinitiv data.

Total October volume was $24.951 billion in 510 deals versus $41.811 billion in 1,068 issues a year earlier, according to Refinitiv data.

Corporate CUSIPs can reach a different, broader set of investors than even taxable munis and offer more issuing flexibility for well-known universities.

The Internal Revenue Service has closed its examination of Burlington's taxable Qualified School Construction Bonds with no change after requesting a use of proceeds earlier this year

The Kansas Corporation Commission approved a $92.7 million securitization for Atmos Energy. It had already approved $328 million for Kansas Gas Service.

The taxables are the city's first social bonds, which S&P said are aligned with the International Capital Market Association's Social Bond Principles.

A whopping 91% of Bond Buyer California Public Finance Conference survey respondents expect municipal interest rates will end the year higher than current rates and 73% said rates will have the largest impact on the public finance industry in the next two quarters

Richmond issued $154.1 million in pension obligation bonds in a refunding that terminates swaps, ends a county intercept, and extends the final maturity.

The American Rescue Plan was passed without waiving the Pay As You Go Act, which could prevent municipalities from receiving payments on bonds already issued.

The debt issued through conduit Gallatin County, Montana, benefits an aerial firefighting company that went public through a SPAC weeks after the bonds sold.

Oklahoma's first utility securitization bond deal related to 2021's Winter Storm Uri continued to attract criticism from a state regulator who called for an independent review.

With the Fed committed to fighting inflation with aggressive rate hikes, fewer issuers want to take the risk with taxable advance refundings.

Munis were firmer to end the week but underperformed U.S. Treasuries.

Seventeen months after Winter Storm Uri hit the Southwest, state-sanctioned securitizations are queuing up to mitigate a huge spike in energy costs for customers, with an Oklahoma deal the latest to price.