Lynne Funk is Executive Editor at The Bond Buyer. She leads markets coverage, is The Bond Buyer's Arizent Research Team liaison and contributes to Bond Buyer Conferences, Leaders and podcasts. Lynne previously worked on policy and markets at Municipal Market Analytics and in the Policy and Public Advocacy at the Securities Industry and Financial Markets Association.
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The last week of July marks a lighter calendar while August redemptions are huge compared to the expected supply. Investors need to get in line and likely accept lower yields and continued historically low ratios.
By Lynne FunkJuly 23 -
Whether a BABs-like program could make it into actual law in Washington is still highly uncertain. What is certain: Some form of infrastructure spending is must-pass legislation because federal-aid highway funding is set to expire in October.
By Lynne FunkJuly 22 -
The larger new issues and aggressive swings in taxables had investors on guard as triple-A curves were pressured outside 10-years, but the asset class still vastly outperformed UST while ICI reports nearly $3 billion more inflows.
By Lynne FunkJuly 21 -
The agency withdrew its ratings on the commonwealth and all of its authorities for its own business reasons.
By Lynne FunkJuly 20 -
Negotiated deals were repriced to lower yields while competitive deals saw levels coming in through triple-A benchmarks. High-grade benchmarks were little changed.
By Lynne FunkJuly 20 -
Municipal triple-A benchmarks were pushed to lower yields by one to three basis points across the curve, with the bigger moves out long, but still vastly underperformed the 10-plus basis point moves in UST.
By Lynne FunkJuly 19 -
Supply, however, is still less than the massive amounts of cash on hand. Bond Buyer data shows 30-day visible supply at $12.53 billion.
By Lynne FunkJuly 16 -
U.S. Treasuries have been volatile the past five sessions, with municipals largely ignoring the ride. Participants mostly have accepted current rates and ratios as large amounts of cash slosh around a market with strong technicals.
By Lynne FunkJuly 15 -
A key demand component in the market again flexed its muscles with ICI reporting another round of $2 billion-plus fund inflows.
By Lynne FunkJuly 14 -
Lawyers for the commonwealth warned that Puerto Rico’s legislature will not pass the legislation for new bonds needed by the plan of adjustment if the plan cuts pensions.
By Lynne FunkJuly 14