Page 8 - Ramirez Co News Today

The finance team on the Western Placer Waste Management Authority deal hopes to benefit from an improving market with increased inflows.

"Demand for low-duration tax-exempts has been so strong that short maturity benchmark yields are now lower than the after-tax yields for comparably rated benchmark taxable muni and corporate bonds," said CreditSights strategists Pat Luby and John Ceffalio.

The Northeast's issuers sold $49.69 billion of municipal bonds in the first half of 2022, down more than 18% year-over-year.

The Investment Company Institute reported investors poured in $1.589 billion into muni bond mutual funds in the week ending August 3, the highest level since November.

Primary market takes focus for large revenue deals from the New York State Thruway Authority and the Colorado Health Facilities Authority.

The $11-billion-plus calendar is the largest in eight weeks and includes two large high-grade issuers which may entice buyers into the market.

While small in size and population, D.C. is a wealthy area. If it were a state, it would rank 47th in population while its per-capita income leads all 50 states and it has a GDP greater than 17 states.

Munis have been steady to firmer in spots over the past few trading sessions as fundamentals have taken over. Triple-A 30-year munis dipped below 3% Tuesday, the first time since early June.

Investors will see almost $11.5 billion of volume head their way in the largest new-issue week of the year. More participants expect municipals to improve in the second half of 2022.

Denver International Airport returns to the municipal market boosted by a rating upgrade as it recovers from passenger and revenue losses in the pandemic.