The municipal bond market experienced a day of firmness following a stronger U.S. Treasury session, with equities closing on a mixed note. Triple-A yields saw a decrease of one to five basis points while USTs recorded gains of seven to nine basis points. This movement led to an uptick in muni to UST ratios, with
Bonds
In the municipal bond market, stability has been the name of the game leading up to the Federal Open Market Committee meeting and the release of the Consumer Price Index report. With U.S. Treasury yields on the decline and equities exhibiting mixed performance, market players are eagerly awaiting key economic indicators for guidance. Vikram Rai,
The municipal bond market showed little change on Monday, outperforming Treasuries as equities experienced slight gains. This relative stability in the muni market comes amidst anticipation for a smaller calendar, coinciding with an FOMC week. The muni-to-Treasury ratios across various tenors indicate an interesting trend, with yields in most of the curve starting the month
The municipal bond market experienced a firming trend on Thursday, marked by a slowdown in the primary market and a return of muni mutual fund inflows. This positive momentum was reflected in triple-A yields, which registered declines ranging from three to eight basis points across different maturities. Both Refinitiv Municipal Market Data and ICE Data
In May, issuance volume surpassed $40 billion for the month, which was the first time since 2016. The volume totaled $43.957 billion in 866 issues, showing a significant increase of 46.9% from the previous year. This boost in issuance is attributed to several factors such as the uncertainty surrounding Fed policy, pent-up capital needs, and
The Metropolitan Washington Airports Authority (MWAA) is preparing to issue $829.4 million of airport system revenue and refunding bonds. This issuance includes both refunding opportunities totaling around $400 million and new money issues amounting to about $429 million. The new money will be utilized to fund the ongoing capital construction program of the authority. BofA
Municipal bonds experienced a significant sell-off on Thursday, with noticeable changes across the curve. This adjustment comes as a correction hits the asset class just before the summer reinvestment period. U.S. Treasuries and equities also saw losses during this time. Moreover, there was a continuation of outflows from municipal bond mutual funds for the second
The decision by the New York Metropolitan Transportation Authority Board to grant approval for refunding its outstanding Build America Bonds (BABs) has significant financial implications for the agency. With the potential to redeem as much as $3.73 billion of its outstanding taxable paper, the MTA is poised to make a strategic move to optimize its
The Municipal Forum of New York recently held their 33rd annual awards and leadership fellows fundraising dinner to honor industry leaders and veterans in the field. Among the recipients were Marjorie Henning, Albert Simons, and Jacques Jiha, each recognized for their outstanding contributions to the community and their respective fields. Marjorie Henning, the retired deputy
As the week came to a close, municipal bonds experienced some weakness in certain areas, particularly as larger issues were priced. Despite this, municipal bond mutual fund flows indicated that retail investors were actively engaged, and high-yield bonds continued to outperform the broader investment-grade market. U.S. Treasuries faced pressure due to economic data and Federal