After a day off from trading on Tuesday because of Veterans Day, the market is back in full swing on Wednesday morning, strengthening soon after it opened, and the largest deal of the week is scheduled for retail orders. Here is your playbook!
Primary
- The largest part of the $1 billion Hawaii general obligation bond deal is available for retail with Hawaii is selling $775 million tax-exempt general obligation bonds. The deal consists of two parts: a $575 million GO portion and a $200 million GO refunding section JP Morgan is expected to price. The tax-exempt bonds will be available for institutional order on Thursday, along with $225 million taxable bonds. The bonds are rated AA2 by Moody's Investors Service and AA by Standard & Poor's and Fitch Ratings.
- The Missouri Joint Municipal Electric Utility Commission is scheduled to sell $193.7 million bonds. Wells Fargo will price the issue, which is rated A3 by Moody's and A-minus by S&P.
Scales
Municipal bonds' yields fell slightly on Wednesday with bonds maturing in six to 30 years strengthening by as much as two basis points, according to Municipal Market Data's triple-A scale. The rest of the curve held steady.
Treasuries also strengthened with the two-year note yield dropping by one basis point to 0.54% from Monday's market close. The 10-year fell by five basis points to 2.33% and the 30-year by three basis points to 3.06%.
