About $918 million in U.S. Virgin Island bonds expected Wednesday
Holders tendered about 75% of U.S. Virgin Islands Public Finance Authority bonds that were eligible for a tender offer.
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Holders tendered about 75% of U.S. Virgin Islands Public Finance Authority bonds that were eligible for a tender offer.
Without a reversal in UST or municipal bond mutual fund outflows, munis will continue to be pressured.
With massive secondary selling pressure and a larger calendar, credit spreads are likely to continue to widen.
Next week's potential volume is slated to be more than $8 billion, led by $1.25 billion of taxable and tax-exempt future tax-secured subordinate bonds from the New York City Transitional Finance Authority.
The triple-A 10-year yield is above 2% on all scales, the highest since March 2020.