The municipal market in the US remained steady this past week as U.S. Treasury yields experienced a decline while equities registered an increase. Industry experts are predicting slow activity in the market this week due to the usual trend of issuers taking a break during holiday-shortened weeks. This is expected to result in a “muted”
Bonds
The article discusses how municipals were slightly weaker than usual but still outperformed U.S. Treasuries. Despite this, UST yields rose significantly, with the two-year UST rising up to 14 basis points. The muni-to-Treasury ratios were also analyzed, showing variations depending on the curve. The ICE Data Services provided slightly different ratios compared to the Refinitiv
The municipal market closed the month and the first half of 2024 quietly, with a new-issue slate of only $240 million. This quiet end was attributed to the Fourth of July holiday-shortened week and a lack of significant market activity. However, despite the lack of new issuance, there were key developments to observe, especially in
The municipal bond market experienced minimal changes on Thursday as the largest deals were finalized. Despite this, municipal bond mutual funds reported a return to outflows. U.S. Treasury yields declined while equities saw an increase near the market close. The ratios of municipal bond yields to Treasury yields varied on Thursday, with the two-year at
The Metropolitan Pier and Exposition Authority (MPEA) in Chicago has approved the sale of up to $231 million of bonds for the McCormick Place Expansion Project. The project includes upgrades to the Lakeside Center building and renovation of guest rooms at the Hyatt Regency McCormick. The bond sale, consisting of Series 2024A and Series 2024B
The muni market is currently experiencing lighter trading volumes with steady yields, reflecting the overall economic uncertainty and risk aversion. Despite U.S. Treasuries showing slight weakness and mixed equities, the muni-to-UST ratios have held steady throughout the day. This stability in ratios indicates a cautious approach among investors, possibly due to the ongoing economic concerns
The municipal market in the US witnessed stable trading in the secondary market on Tuesday, despite a significant focus on a heavy primary new-issue calendar. The market was led by a substantial $2.55 billion deal for the John F. Kennedy International Airport New Terminal One Project, which experienced a repricing of yields. This article critically
The Municipal Securities Rulemaking Board has taken a significant step towards enhancing market transparency by adding the Tradeweb AAA Municipal Curve to its Electronic Municipal Market Access website. This move is part of a broader effort to consolidate more data on EMMA, providing investors with valuable tools to evaluate bond prices and yields, measure market
The municipal bonds market has seen some fluctuations in recent weeks, with notable changes in yields and spreads. According to Barclays strategists Mikhail Foux and Clare Pickering, U.S. Treasury yields fell slightly this week, contributing to firmer municipals. The market rally, which started after showing signs of weakness in May, is expected to continue into
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