Page 13 - Ramirez Co News Today

Inflation remains under market scrutiny, with Monday’s data suggesting consumers expect price pressures to cool later this year.

The previously unrated Santa Cruz Metropolitan Transit District will be the first transit agency to price debt to cover pension liabilities when it hits the market Wednesday.

Washington will bring $742 million of general obligation bonds in competitive sales Tuesday, providing guidance for triple-A benchmark yields.

Municipals were stronger again on the day, though, and new-issues were repriced to lower yields.

Buyers appeared to return to the market the past two sessions after the January correction moved yields and ratios higher. Secondary trading was up again on Wednesday and new deals were well-received.

S&P said the action reflects the Orlando International Airport's financial resilience during the pandemic and its strong passenger recovery trends.

Triple-A benchmark curves were bumped two to five basis points outside of five years as markets calmed to start February.

Market volatility has led to munis seeing the worst performance to start the year since 2018 and the biggest monthly losses since March 2020.

Short-end muni yields have risen more than 30 basis points on some triple-A scales over the past five trading sessions.

Triple-A benchmarks were cut two to six basis points across the curve with the largest moves concentrated again on bonds inside 10 years, underperforming Treasuries once again.