In recent months, the municipal bond market has experienced a robust surge in weekly issuance. This trend has been driven by various factors such as pent-up capital needs, dwindling federal aid, and front-loaded issuance by state and local governments. As a result, the pace of issuance shows no signs of slowing down, with some strategists
Bonds
California’s upcoming sale of $2.5 billion in tax-exempt general obligation bonds is set to make a significant impact on the market. This will be the state’s second largest offering this year, with proceeds being allocated towards financing voter-approved projects, paying down outstanding commercial paper, and refunding outstanding general obligation bonds. This move comes at a
The North Texas Tollway Authority (NTTA) is embarking on a $1.126 billion deal that involves seeking savings through bond refundings and tenders. The tax-exempt debt offered in two series includes $446.14 million of first-tier revenue bonds to finance a tender offer for taxable bonds sold in 2020 and 2021, as well as to refund 2015
Municipal bond markets have remained relatively stable, with U.S. Treasury yields experiencing a slight rise while equities saw a mixed ending. According to LSEG Lipper, municipal bond mutual funds recorded inflows of $1.047 billion, continuing a nine-week streak of positive flows. High-yield bonds also displayed strength, with inflows reaching $357.5 million after $355 million the
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%,
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