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"With a nonexistent new-issue calendar and heavy dealer balance sheets, we expect the muni market to get a bit 'grabby' over the next few weeks," AllianceBernstein strategists said.
9h ago -
"While valuations are still historically tight, the extra demand through the summer should help support the muni market in the coming weeks," Birch Creek strategists said.
July 1 -
In a week that culminated in headline-grabbing events — a presidential debate, several Supreme Court decisions, more macroeconomic data to add to Fed policy expectations — municipals closed on a quiet note and in the black for June.
June 28 -
Two universities at opposite ends of the state received Moody's downgrades this week.
June 28 -
In the first half of 2024, winding-down federal aid, a resurgence of Build America Bond refundings and election uncertainty have contributed to the surge in issuance, said James Welch, a portfolio manager at Principal Asset Management.
June 28 -
Municipal bond mutual funds saw outflows as investors pulled $498 million from funds after $16 million of inflows the week prior, according to LSEG Lipper. High-yield funds still saw inflows.
June 27 -
June supply appears to be finishing above $45 billion, the third highest monthly total in the last 10 years, said Kim Olsan, vice president of municipal bond trading at FHN Financial.
June 26 -
In 2024, variable rate (short put) issuance is up 6.4% increase year-over-year, LSEG data shows. Few expect issuance to return pre-financial crisis levels.
June 26 -
Demand for the increased supply has been "solid" if nearly largely reliant on income-oriented small lot buyers, noted Municipal Market Analytics, Inc. Partner Matt Fabian. Through last week, buyers continued to be separately managed account/retail in size.
June 25 -
Finance officials for the city decided to be the first municipal issuer to use the distributed ledger technology for a $10 million deal, banking on cost savings, better liquidity and more access for retail investors to their bonds. Mayor Tom Koch, CFO Eric Mason and Strategic Asset Manager Rick Coscia say it should be the first of many deals for the industry.
June 25