The municipal bond market has experienced a period of stability as the largest deals of the week were finalized, and the Investment Company Institute reported more than $1 billion of inflows into municipal bond mutual funds. U.S. Treasuries remained relatively unchanged, with yields fluctuating slightly throughout the day. The two-year muni-to-Treasury ratio was at 63%,
Bonds
The municipal market saw mixed performance on Tuesday as U.S. Treasury yields increased and equities experienced slight gains. The muni-to-Treasury ratios at different maturity points were at varied levels, indicating a diverse landscape for investors. Analysts like Anders S. Persson and Daniel J. Close from Nuveen highlighted that the market remains attractive due to the
Tower Health, a nonprofit regional healthcare system based in Pennsylvania, has been facing significant challenges in recent years. To help address these issues and avoid a potential bankruptcy scenario, the organization has announced plans for a financial restructuring. This restructuring involves exchanging outstanding debt for new bonds, with the goal of providing Tower Health with
The municipal bond market remained relatively stable on Thursday, with minimal changes in response to rising U.S. Treasury yields and a decline in equities. According to AllianceBernstein strategists, this year’s summer technical landscape has shown more strength compared to the situation in 2023. In the previous year, total returns for June through August were negative,
As investors mull over this week’s $12 billion new-issue calendar, a significant portion of the debt available is attributed to New York City. The $1.8 billion deal, the largest on the calendar this week, represents the latest offering from the city since its $1.2 billion refunding issuance in July. This substantial amount of debt indicates
The municipal market saw a decrease in yields on Tuesday due to the primary market activity, while municipal bonds performed less well compared to the U.S. Treasury market amid positive movement in equities following favorable inflation data. The two markets experienced varying basis points movements, with the short end of the municipal curve displaying better
In the first half of 2024, underwriting spreads for all bonds experienced a significant surge, surpassing $7 for the first time in 25 years. The data from LSEG indicates that underwriting spreads escalated to $7.11 during this period from $3.70 in the first half of 2023. Negotiated bonds witnessed an increase in spreads to $6.55
The municipal bond market felt the pressure of a U.S. Treasury market selloff, but surprisingly outperformed their taxable counterparts. This outperformance can be attributed to investors flocking to equities in a risk-on trade after better economic data was released. Despite the uptick in yields, triple-A municipal bond yields rose only two to four basis points,
The municipal bond market experienced improvement on Wednesday as focus shifted towards the primary market activities. Noteworthy deals included Chicago pricing its delayed general obligation bond deal, along with offerings from the Triborough Bridge and Tunnel Authority, the Pennsylvania Turnpike Commission, and the Las Vegas Valley Water Department. This shift in attention resulted from the
Dallas Fort Worth International Airport is set to enter the municipal bond market with a $750 million deal, supported by a recent rating upgrade and a positive outlook revision. S&P Global Ratings recently raised the airport’s rating to AA-minus from A-plus, highlighting factors such as strong enplanements, financial resiliency, and stable debt service coverage. This