As municipal bond buyers await this week’s new-issue slate, munis were little changed on Monday, with yields steady along the AAA scales. The calendar of total municipal bond volume is estimated at $8.7 billion.
“This week’s new-issue slate of tax-exempt paper is currently estimated at $5.5 billion, just shy of the running 2020 average of $5.9 billion, but well below last week’s $9 billion,” said Peter Franks, senior market analyst at Refinitiv MMD. “Deals this week will offer investors a variety of credits that include airports, hospitals and toll roads while just over $200 million will be AAA paper.”
This week’s volume of exempts and taxables is estimated at $8.7 billion in a calendar made up of $7.4 billion of negotiated deals and $1.3 billion of competitive sales.
Utility sector in focus
As fires rage across California, over 36,000 square miles of land has come under threat as 18,000 firefighters battled 27 fires across the state. Bloomberg reported almost half the state was under an air-quality alert.
Across the western United States, utilities are increasingly cutting power ahead