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The new-issue calendar is led by the New York Transportation Development Corp. with $1.5 billion of green AMT special facilities revenue bonds for the John F. Kennedy International Airport New Terminal One project,
"Investors are acknowledging that the Fed is nearing the end of its rate tightening cycle which is supporting a relief rally in stocks and lower bond yields, said Bryce Doty, senior vice president at Sit Investment Associates.
Total volume for the month was $21.931 billion in 417 issues versus $26.292 billion in 770 issues a year earlier, according to Refinitiv data.
Investors will likely sit on the sidelines until after this week's Federal Reserve Board rate announcement.
Investors will be greeted Monday with a new-issue calendar estimated at $847 million.