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Relative cheapness, wider spreads and outperformance in munis is providing better value, all set against a very solid and resilient credit background, analysts say, but supply is testing investor sentiment amid volatility.
The new-issue calendar tops $9 billion led by $3 billion taxable and tax-exempts from University of California Regents, a $1 billion plus healthcare deal from Michigan and $1.35 billion of GOs from Washington State.
Washington will bring $742 million of general obligation bonds in competitive sales Tuesday, providing guidance for triple-A benchmark yields.
The state of Washington sold $743 million of general obligation bonds in the competitive market at similar spreads to its November sale while some issuers have moved to the day-to-day calendar.
Municipal to UST ratios hit highs earlier in the week, creating entry points for buyers to return to the market even as ratios fell on the week. The primary will see a smaller calendar at $5.4 billion.