The Washington Metropolitan Area Transit Authority is set to issue $625.4 million of second lien dedicated revenue bonds through a negotiated sale on July 8. With the interest on the bonds exempt in D.C., Maryland, and Virginia, there is an expectation of strong interest from in-state buyers. Despite the lower priority of these second lien
Bonds
The recent meeting minutes from the Federal Open Market Committee (FOMC) have indicated a reluctance to cut rates in the near future. While there is recognition that inflation has not progressed as expected, there is a need for more evidence of sustainable progress before any rate cuts can be considered. The committee members emphasized the
The municipal bond market remained steady as U.S. Treasury yields saw a decline and equities closed on a positive note. With a light new-issue calendar expected for the week due to the holidays, the market is likely to see limited activity. However, the influx of around $31 billion in July reinvestment cash will provide investors
Municipal bonds experienced a slight weakening in performance on Monday, although they managed to outperform U.S. Treasuries amid larger losses on the longer end of the yield curve. Triple-A yields saw an increase of one to five basis points, depending on the maturity, while UST yields surged up to 14 basis points. Data from Refinitiv
As the month came to a close in 2024, the municipal market appeared relatively calm, with minimal activity ahead of the Fourth of July holiday-shortened week. Despite a new-issue slate totaling a modest $240 million, there were significant developments to observe on the sidelines. Munis demonstrated resilience compared to U.S. Treasuries, holding steady while government
The municipal bond market saw minimal movement on Thursday, with the final large deals pricing and mutual funds experiencing outflows. U.S. Treasury yields decreased, while equities showed an uptick towards the end of the day. The ratios between municipal bonds and Treasury securities varied across different timeframes, highlighting the uncertainty in the market. Municipal bond
The Metropolitan Pier and Exposition Authority in Chicago is planning to sell up to $231 million of McCormick Place Expansion Project refunding bonds for upgrades to the Lakeside Center building and renovations to the Hyatt Regency McCormick’s guest rooms. Despite the financial challenges posed by the pandemic, the MPEA is moving forward with these projects,
As we delve into the current state of the municipal bond market, it is evident that there is lighter trading and steady yields being observed. With the last deals of substantial size having priced, the muni mutual funds have witnessed minor inflows. In comparison, U.S. Treasuries displayed a slight weakness, and equities were seen to
The municipal bond market saw steady activity in secondary trading on Tuesday, with a heavy focus on new issuances. A standout deal was the $2.55 billion offering for the John F. Kennedy International Airport New Terminal One Project, which saw yields increase upon repricing. The market also observed a mix of pricing from different institutions,
Market transparency in municipal securities is a critical component that investors rely on to evaluate bond prices, measure market direction and performance, and determine pricing on new bond issues. The Municipal Securities Rulemaking Board (MSRB) has continuously worked towards centralizing data to provide investors with the necessary information to make informed decisions. The recent addition