Bonds

Issuance surged in May as Fed policy uncertainty, pent-up capital needs and mega deals helped volume top $40 billion for the month, the first time since 2016. May’s volume stood at $43.957 billion in 866 issues, up 46.9% from $29.919 billion in 802 issues in 2023. This is above the 10-year average of $35.896 billion.
0 Comments
Municipal supply is set to top $14 billion next week, a high not seen in almost seven years, just as yields have hit year-to-date highs and relative value has improved. While participants expect some pressure ahead in the near-term, they also say the current yield and ratio set offers investors opportunity. The hefty primary next
0 Comments
The Guam Power Authority plans to sell about $64 million of revenue refunding bonds in mid-July. The board of the Guam Consolidated Commission on Utilities on Tuesday approved the deal unanimously. The Guam legislature and Gov. Lourdes Leon Guerrero have already approved it. The Guam Public Utilities Commission was expected to approve it Thursday, said
0 Comments
Municipals sold off Wednesday following another weaker U.S. Treasury session while equities were down near the close. Muni yields rose two to 13 basis points, depending on the curve, coming on the tailwind of a market correction, said Brad Libby, a fixed-income portfolio manager and credit analyst at Hartford Funds. Mixed economic data has been
0 Comments
The Municipal Securities Rulemaking Board has retired nine separate pieces of interpretive guidance related to Rule G-12(c) on inter-dealer confirmations following the board’s request for comment on the rule. The move follows recent comments submitted by the Securities Industry and Financial Markets Association that urged the board to knock out the provision altogether, and the
0 Comments
Harrisburg University of Science and Technology violated its bond covenant at the beginning of the month when it missed a monthly $1.2 million interest payment to the bond trustee. Jessica Warren, Harrisburg University’s executive director of marketing and communications, said the university only needs to make interest payments twice a year on its outstanding bond
0 Comments
Municipals took a breather Friday ahead of the long weekend and a much smaller calendar after seeing yields rise and underperform U.S. Treasuries, pushing ratios to levels last seen in November 2023. In addition to “more attractive raw yields, municipal underperformance has allowed relative values to improve as well,” noted Kim Olsan, senior vice president
0 Comments