While low volume is frustrating for investors, scarcity is driving demand as buyers have realized they cannot wait for something that will not come. Although this week lacks a large deal, it is full of medium sized deals from a variety of issuers.

VOICEOVER: The municipal market will unsurprisingly see another week of low volume. Investors can’t wait around for supply, so scarcity will continue to drive up demand.

The largest deal will come from Energy Northwest, whose $634 million offering is music to ears of investors who fancy electric power bonds, a sector that has only seen $1.2 billion of issuance – the second lowest out of the ten categories.

DASNY is back in the market with a $591 million offering. This comes on the heels of issuing two deals last week totaling $932 million.

The town of Oyster Bay, N.Y., is scheduled to make its first appearance in the bond market since 2016. The Long Island town and New York’s fourth largest township is selling $153 million competitively. Now out of junk status, but still in the wake of an SEC lawsuit brought last November.