Despite a fall in U.S. Treasury yields and a rise in equities, municipal bonds remained steady on Tuesday. The limited number of deals in the market this week is attributed to issuers taking a break during holiday-shortened weeks. The secondary market activity is also expected to be light, creating a “muted” atmosphere for new issuances.
Bonds
Municipal bonds experienced a slight weakening on Monday, although they outperformed U.S. Treasuries which faced more significant losses, particularly in the 10-year and beyond range. Equities, on the other hand, ended up performing well. Triple-A yields across various points on the curve saw an increase of one to five basis points, while UST yields went
The month and the first half of 2024 for municipals came to a quiet end ahead of the Fourth of July holiday-shortened week. Despite a new-issue slate of only $240 million, there were significant movements in the market. Munis outperformed U.S. Treasuries on Friday, holding steady while govies saw some losses. Equities were also in
The municipal bonds market saw minimal changes on Thursday as the last of the largest deals priced. Although U.S. Treasury yields decreased and equities showed an upward trend towards the close of the day, municipal bond mutual funds experienced outflows. These outflows amounted to a significant $498 million, following an inflow of $16 million in
The Metropolitan Pier and Exposition Authority in Chicago is planning to sell up to $231 million of refunding bonds for the McCormick Place Expansion Project. The authority aims to use these funds to explore upgrades to the Lakeside Center building and renovate the guest rooms at the Hyatt Regency McCormick. Despite challenges posed by the