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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 -
Convention centers in Chicago, Cincinnati and St. Louis are being upgraded, although cost increases after the pandemic added challenges to some financings.
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 -
Total volume currently stands at $224.13 billion, up 38.5% from $161.848 billion at this time last year. As the end of the first half approaches, several firms are revisiting their supply projections for the year, given the growth so far this year.
June 25 -
With the "pretty good run" month-to-date, it would not be unexpected to see "the market take a breather, and with a large calendar this coming week, it may again move sideways," said AllianceBernstein strategists in a weekly report.
June 24 -
A 2023 U.S. Appeals Court ruling derailed federal approvals for the Uinta Basin Railway, which plans to seek up to $2 billion in private-activity bonds.
June 24