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A key demand component in the market again flexed its muscles with ICI reporting another round of $2 billion-plus fund inflows. [ABSTRACT FROM AUTHOR]

Goldman Sachs & Co. LLC priced for the Rector and Visitors of the University of Virginia (Aaa/AAA/AAA/) $100 million of general revenue pledge bonds. The taxables, $37.2 million, saw bonds in 2022 yield 0.25% at par (-10), 2026 at 1.18% at par (-5) and 2031s at 2.02% at par. Municipals were little changed Tuesday, ignoring another rise in U.S. Treasuries and a weaker stock market, with the focus on the primary which saw deals bumped in re- pricings. [Extracted from the article]

Municipals were little changed with a slightly weaker tone outside of 10 years Monday ahead of a larger and diverse primary as the second week of July reinvestment kicks into gear. "The bond markets are now expressing the same view as the Fed and this is being reflected in the decline in Treasury yields over the past month, as the inflation expectations component of yield has come down - however, those views did not agree during Q1 when yields soared from all time low-levels on better growth prospects and higher inflation expectations." The 30-year UST sat just at 2% near the close while triple-A municipal benchmark yields were little changed, reflecting that municipals had some catch up to do to taxables last week and investors were content to keep munis steady at Friday's levels. [Extracted from the article]

Municipals outperformed U.S. Treasuries for a third sessions moving the 10-year municipal to UST ratio below 60%. [ABSTRACT FROM AUTHOR]

Most participants expect better performance for munis in the near-term. Longer-term, a lot depends on rates, COVID and other outside factors, such as infrastructure. [ABSTRACT FROM AUTHOR]

Municipal bond benchmark yields fell another two to six basis points Thursday, marking a three-day rally along with U.S. Treasuries as a risk-off trade took hold while inflows continue to flood funds. National funds had inflows of $2.091 billion after inflows of $843.838 million while high-yield muni funds reported inflows of $682.690 million in the latest week, after inflows of $313.275 million the previous week. [Extracted from the article]

The IHS Markit municipal analytics curve showed short yields fall two basis points to 0.10% and 0.13% in 2022 and 2023, with the 10-year down five basis points at 0.90%, and the 30-year yield also fell five to 1.41%. The yield on the 10-year fell five basis points to 0.88% while the yield on the 30-year dropped five basis points to 1.39%. Triple-A benchmark yields fell two to five basis points in a U.S. Treasury-led rally Wednesday, following a general market sentiment that the economic strength of late has plateaued. [Extracted from the article]

The ICE municipal yield curve showed bonds steady in 2022 at 0.11% and falling one basis point to 0.14% in 2023. The IHS Markit municipal analytics curve showed short yields steady at 0.12% and 0.15% in 2022 and 2023, respectively, with the 10-year down two basis points at 0.95%, and the 30-year yield also fell two to 1.46%. The yield on the 10-year fell three basis points to 0.93% while the yield on the 30-year dropped three basis points to 1.44%. [Extracted from the article]

Fund inflows are a demand component unlikely to slow during the heavy reinvestment season, keeping the yield environment squarely in issuers' favor. [ABSTRACT FROM AUTHOR]

More of the same from the FOMC did little to move UST or munis. ICI reported the 17th consecutive week of inflows at $1.98 billion. July is looking good for municipal issuers. [ABSTRACT FROM AUTHOR]

U.S. Treasury 10- and 30-year yields hit February lows. Large blocks of high-grades in secondary trading led triple-A benchmarks to lower yields by two to four basis points across the curve. [ABSTRACT FROM AUTHOR]

The IHS Markit municipal analytics AAA curve showed short yields steady at 0.13% and 0.16% in 2021 and 2022, respectively, with the 10-year unchanged at 1.01%, and the 30-year yield rose one to 1.52%. Municipals were little changed Thursday as the final new issues of the week priced with some bumps in repricings while U.S. Treasuries held steady. [Extracted from the article]

The final new issues of the week close with some bumps in repricings while the secondary was quiet. [ABSTRACT FROM AUTHOR]

Making it a summer Friday, munis were quiet. Participants contemplate why the market underperformed taxables to the degree they did when fundamentals are objectively strong and little has changed since before the FOMC. [ABSTRACT FROM AUTHOR]

Over the years, Assured Guaranty has been open to guaranteeing in the U.K. and most of Europe, Australia, and New Zealand and through AGM in the U.S. they cover certain transactions within the Latin American region. [ABSTRACT FROM AUTHOR]

Municipals saw some weakness and yield pressure on certain primary deals in repricings following an up and down U.S. Treasury market. The second, $87.75 million of 2021 Series D-2 (Climate Bond Certified/sustain- ability bonds), saw bonds in 11/2046 with a 5/1/2023 mandatory put in 5/1/2023 yield 0.25% (-5) and bonds in 11/2056 with a 5/1/2025 mandatory put yield 0.65%. [Extracted from the article]

After last week's Fed taper talk, municipal bonds may actually benefit from the Fed signaling it will be tough on inflation, according to Nuveen's head of municipals John Miller. With very few trades to point to any movement, municipal benchmarks were little changed Monday, even as U.S. Treasuries rose from Friday's lows and the stock market was on fire with the Dow up 500-plus points near the close. The IHS Markit municipal analytics AAA curve showed short yields were steady at 0.12% and 0.15% in 2021 and 2022, respectively, with the 10-year at 0.96% and the 30-year yield was unchanged at 1.46%. [Extracted from the article]

The ICE AAA municipal yield curve showed short maturities rise three basis points in 2022 to 0.11% and 0.15% in 2023. Municipal bond yields rose on the short end Friday as munis again played catch up to the moves in short U.S. Treasuries and investors became more aggressive in bid lists for high-grade paper. Thursday was "especially confusing" in the municipal market, with UST rates falling about 10 basis points, and long-dated tax-exempt yields increasing four to seven basis points, moving municipal to UST ratios steeper in a meaningful way, they wrote. [Extracted from the article]

A volatile U.S. Treasury market and month-end positioning are pressuring municipal yield curves. [ABSTRACT FROM AUTHOR]

The Federal Reserve must be prepared to move if inflation continues to surprise to the upside, according to one Fed president, while another again stated a desire for the Fed to pull back on its accommodation. [ABSTRACT FROM AUTHOR]

The short end of the yield curve faced pressure from a cheaper UST five-year. As the flattening trend in UST takes hold, demand for duration will also spill over into the tax-exempt space, with long-dated munis continuing to outperform, analysts say. [ABSTRACT FROM AUTHOR]

Bloomberg BVAL AAA curve showed short yields rose three basis points to 0.09% and 0.14% in 2021 and 2022, with the 10- year was six basis points higher at 0.94% and the 30-year yield rose by four to 1.46%. Municipal bond yields rose by as much as seven basis points in the belly of the curve Thursday, playing catch-up to the U.S. Treasury market, while Refinitiv Lipper reported another large round of inflows, a nod from investors that they remain engaged in the market, regardless of low rates. [Extracted from the article]

There are more diverse views in 2023, with five members seeing the rate staying at a range between zero and 0.25%, two expecting one hike, three each expecting two three and four hikes, and two seeing rates rising to between 1.50% and 1.75%. Municipal bonds were slightly weaker Wednesday, but the U.S. Treasury 10-year sold off and equities lost more ground as investors took heed of the FOMC's acknowledgement that it has started the taper discussion, although actual tapering "is a ways off.". [Extracted from the article]

J.P. Morgan Securities LLC priced $500 million of sustainable development multifamily housing bonds for the New York City Housing Development Corp. (Aa2/ AA+//). Municipals played catch up to U.S. Treasuries and were softer outside of 10 years, but the primary was the focus Tuesday with several large new issues repriced to lower and higher yields. The first, $62.8 million of Series 2021A Estero Municipal Improvement District (Aa2/AA//) saw bonds in 2025 with a 5% coupon yield 0.39%, bumped 3 basis points. [Extracted from the article]

Refinitiv Lipper's $1.85 billion of inflows say investors aren't going anywhere. [ABSTRACT FROM AUTHOR]

The Investment Company Institute on Wednesday reported $2.533 billion of inflows into municipal bond mutual funds, the highest since February. [ABSTRACT FROM AUTHOR]

High yield municipal bond yields decreased by 11 basis points on average last week, noted John Miller, head of municipals at Nuveen. Municipals were little changed Monday as the market awaits the larger new-issue calendar and participants position themselves ahead of the Federal Reserve meeting. [Extracted from the article]

Tuesday's data may not be indicative of where the economy is going and will likely be written off by the Federal Open Market Committee at its meeting, analysts say. [ABSTRACT FROM AUTHOR]

Most analysts expect the Federal Open Market Committee will alter its Summary of Economic Projections and perhaps begin to talk about tapering, without offering clues when they'll begin cutting back on asset purchases. [ABSTRACT FROM AUTHOR]

Municipal bonds strengthened on the long end Friday after the latest employment report showed continued job growth and buoyed equities and Treasuries. Diane Swonk, chief economist at Grant Thornton, said that the bottom line is that the labor market is healing, but not as rapidly as the overall economy. While payrolls came in under expectations the data still showed continued improvement in the job market, although at lower levels than earlier in the recovery, said Sameer Samana, senior global market strategist at Wells Fargo Investment Institute. [Extracted from the article]

Ongoing large inflows into the municipal market sustained a firm tone Thursday as interest rates remain on a gradual decline in spite of the volatility in the Treasury market, but most participants await Friday's jobs report. Exchange-traded muni funds reported inflows of $132.995 million, after inflows of $180.068 million in the previous week. National funds had inflows of $906.119 million after inflows of $1.377 billion while high-yield muni funds reported inflows of $372.003 million in the latest week, after inflows of $813.818 million the previous week. [Extracted from the article]

The ICE AAA municipal yield curve showed yields fall one basis point to 0.07% in 2022 and to 0.12% in 2023, the 10-year fell one to 0.98% while the 30 dropped two to 1.53%. Municipals were firmer Wednesday in both secondary trading and with primary deals repricing to lower yields as the Investment Company Institute reported more than $2.3 billion of inflows into municipal bond mutual funds, helping to keep muni yields low. [Extracted from the article]

Muni prices were firm Friday after the employment report showed nonfarm payrolls rose 559,000 in May as the jobless rate fell to 5.8%. [ABSTRACT FROM AUTHOR]

As most participants await Friday's jobs report, the municipal market Thursday sustained a firm tone as rates remained on a gradual path of decline. [ABSTRACT FROM AUTHOR]

A total of $14.8 billion of par has been wrapped by bond insurance through May of this year, compared to $9.76 billion through the end of May 2020. [ABSTRACT FROM AUTHOR]

West Virginia increased the amount of its competitive sales planned for Wednesday by almost 30% to save money. [ABSTRACT FROM AUTHOR]

IHS Markit's agreement to buy Ipreo from Goldman Sachs and Blackstone private-equity funds is a milestone in the technological evolution of the municipal bond and fixed income markets. [ABSTRACT FROM AUTHOR]

In the week ended May 10, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index dropped to 3.99% from 4.04% the previous week. The BB40 Index is based on the price of 40 long-term bonds. [ABSTRACT FROM AUTHOR]

Municipal CUSIP requests signal the market may be in for a rebound in volume. [ABSTRACT FROM AUTHOR]

The action in the primary slowed as the last few remaining deals come trickling in with the week winding down. [ABSTRACT FROM AUTHOR]

The municipal market and its participants were peppered with deals during what will go down as the week's busiest day. [ABSTRACT FROM AUTHOR]

The municipal market and its participants are prepped and ready for what should be the busiest day of the week, as the two largest negotiated deals hit the market. [ABSTRACT FROM AUTHOR]

The market for munis is benefiting from June reinvestment money and pent-up demand after a slow first quarter. [ABSTRACT FROM AUTHOR]

Municipal market participants will get the first supply wave, including the second largest negotiated deal and the biggest competitive deal of the week. [ABSTRACT FROM AUTHOR]

Municipal bonds were stronger on Monday as supply-starved investors awaited the week's planned $4.9 billion of new paper. [ABSTRACT FROM AUTHOR]

Another low volume week is on top, but the scarcity value is driving demand as the market continues to be strong in the face of rising interest rates. [ABSTRACT FROM AUTHOR]

Municipal bonds were stronger on Thursday as volatility in the stock market drove a flight to quality. [ABSTRACT FROM AUTHOR]

Demand for municipal bonds is high, with one factor keeping munis from the volatility being experienced in other markets. [ABSTRACT FROM AUTHOR]

Munis followed Treasurys after the Federal Reserve left interest rates unchanged and tweaked its statement on inflation. [ABSTRACT FROM AUTHOR]

Municipal bonds were mixed in late trading on Tuesday as several large deals hit the screens, led by issuers in New York and Maryland. [ABSTRACT FROM AUTHOR]