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The document titled "Market Statistics" provides a comprehensive overview of various market indicators, including municipal bond index, average dollar price, average yield to par call, average yield to maturity, total visible supply, bond buyer revenue index, bond buyer 20-bond index, bond buyer 11-bond index, new-issue sales, and short-term tax-exempt yields. It also includes data on variable-rate demand, municipal market data, U.S. securities prices, state and local government series rates, and reoffering yields. The document compares the performance of corporate bonds and municipal bonds, providing total return percentages for different categories of corporate bonds and yields for various types of municipal bonds. It also provides information on bond indexes and ratings for general obligation bonds and revenue bonds, as well as the yield on the most current U.S. Treasury 10-year note and 30-year Treasury bond. The document includes weekly yields of the 20-Bond GO Index and Treasury securities, as well as information on the Municipal Bond Index. It also provides details on specific municipal bonds, including maturity dates and prices. Additionally, the document features tables and graphs illustrating bond prices, yields, and visible supply increases. [Extracted from the article]

Philadelphia-based broker-dealer Janney Montgomery Scott has been fined $65,000 by the Financial Industry Regulatory Authority (FINRA) for reporting inaccurate times of trade on 391 municipal securities transactions. The firm violated Municipal Securities Rulemaking Board Rules G-14 and G-27. Janney failed to list the correct "special condition indicator" when reporting trades, resulting in incorrect reporting of the time of trade. Additionally, the firm failed to report 1,085 transactions to TRACE, failed to identify certain securities as TRACE-eligible, and submitted inaccurate reports. Janney has updated its procedures and hired an independent consultant to address these issues. [Extracted from the article]

Houston is set to issue a $720.4 million bond to settle a long-standing dispute with its firefighters. The majority of the funds will go towards a lump sum payment to cover overtime pay for current and retired firefighters, as well as a five-year collective bargaining agreement that increases firefighter pay by up to 34%. However, the bond issue has contributed to a negative outlook for Houston's rating, as it adds to the city's debt load and presents challenges in balancing the budget. S&P Global Ratings revised Houston's AA rating outlook to negative, citing increased debt service and limited capacity to raise revenue. Moody's Ratings, on the other hand, affirmed Houston's Aa3 rating and stable outlook, noting the city's solid financial position and expectation that it will address its budgetary gap. The bond sale is scheduled to take place this week. [Extracted from the article]

San Antonio's CPS Energy is preparing for a $1.05 billion bond sale next month, with improved outlooks from Fitch Ratings and S&P Global Ratings. The ratings agencies revised their outlooks on the utility to stable from negative, citing improved risk management and better management of delinquent customer balances. CPS Energy faced financial pressures during the Winter Storm Uri in February 2021, leading to bond rating downgrades, but the utility is confident in its ability to navigate challenging operating conditions. The upcoming bond issue is scheduled to be priced on June 4 and will be used to pay a tender offer and finance capital projects. [Extracted from the article]

The article discusses the trading of corporate bonds in over-the-counter (OTC) markets, as opposed to established stock exchanges. The study finds that the characteristics of bond traders and trade requests play a significant role in the time it takes to complete a trade and the failure rate in OTC markets. The research shows that OTC trade inquiries fail approximately 30% of the time, but many investors eventually complete a trade after repeated inquiries. The "connectedness" of a customer, measured by their existing relationships with dealers, is an important factor in the speed and success of trade completion. Additionally, the article highlights that buyers and sellers with more connections to traders tend to consummate trades faster than those with fewer connections. The researchers used proprietary data sources, including information from the MarketAxess electronic trading platform and the US Financial Industry Regulatory Authority, to conduct their analysis. [Extracted from the article]

Municipal bonds (munis) outperformed U.S. Treasuries and corporates on Friday due to sparse secondary trading and the lack of primary issuance. Despite volatility, the muni market remains solid, with ratios trending sideways. The AAA part of the muni investment grade index has underperformed, while lower-rated credits have done better. The lack of larger new-issue supply has contributed to the strength of the muni market. However, concerns about rates and high-grade valuations being rich remain. Municipal CUSIP request volume fell in January, but overall municipal volumes are up compared to the previous year. [Extracted from the article]

The first trading session of 2024 saw municipal bonds lightly traded and little changed, while U.S. Treasuries were weaker and equities lost ground. Municipal-to-Treasury ratios decreased, with the two-year ratio at 56% and the 30-year ratio at 84%. The municipal market experienced a rebound in 2023, with a broad market index gaining 2.3% in December and finishing the year up 6.4%. High-yield munis returned 9.2% in 2023, and total municipal supply for the year was $379.992 billion. The outlook for 2024 includes higher muni yields, increased supply, and opportunities for investors. [Extracted from the article]