Page 12 - Ramirez Co News Today

/PRNewswire/ -- Fannie Mae (OTCQB: FNMA) priced Connecticut Avenue Securities® (CAS) Series 2022-R03, an approximately $1.2 billion note offering that...

The Virgin Islands Public Finance Authority and Matching Fund Special Purpose Securitization Corporation plans to price $793.025 million of tax-exempt and $124.960 million of taxables.

Muni performance has been strong as of late, and spreads have actually corrected after a month of gradual widening.

Next week's potential volume is slated to be $7.7 billion. The largest deal of the week comes from New York City with $891 million of tax-exempt general obligation bonds. Recent New York paper traded up Friday.

Bond investors are understandably cautious in response to recent market volatility and ahead of what is expected to be a Fed rate hike Wednesday, participants say.

The USVI government intends to refund the remainder of its outstanding bonds at the end of March.

As municipals continue to underperform the moves in U.S. Treasuries, current ratios are attractive and present a buying opportunity.

The Russian invasion of Ukraine could slow interest rate hikes and has led the market to pull back on the chances of a 50-basis-point liftoff.

All markets, but particularly municipals, are in uncharted territory once again, with volatility amplified by the crisis in Ukraine and a still somewhat uncertain path for the Federal Reserve and inflation.

Between the long holiday weekend and investors trying to absorb the Russia-Ukraine developments, it was a slow start to the week in the municipal market.