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
Bonds
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
Municipal bonds have experienced firmness in the market recently, with U.S. Treasury yields seeing a slight decrease and equities displaying a mixed performance. The rally in USTs has been fueled by softer economic data, leading to a drop in yields over the past week. Barclays strategists, Mikhail Foux and Clare Pickering, highlighted a shift in
The municipal bond market experienced a boost on Thursday as a result of a stronger U.S. Treasury session. This led to increased firmness in municipals, with Triple-A yields falling one to five basis points. The session also saw equities closing mixed, further emphasizing the positive performance of the municipal sector. Investor Inflows and Ratios Municipal
As we approach the Federal Open Market Committee meeting and Consumer Price Index report, the municipal market remains relatively stable. Despite some fluctuations in U.S. Treasury yields and mixed performance in equities, experts like Vikram Rai from Wells Fargo are noting a downward adjustment in market expectations for Fed cuts since the beginning of the
The municipal bond market showed little movement on Monday, contrasting with slight losses in the Treasury market and a positive performance in equities. This relative stability comes amidst a smaller calendar of new issuances and economic uncertainty as the Federal Open Market Committee (FOMC) meeting looms. The muni-to-Treasury ratios held steady, with the 30-year ratio