Taxable muni issuance falls, but sector outperforms tax-exempts
Taxable municipal issuance has decreased 40.9% year-over-year, but returns so far in 2023 are outperforming tax-exempts and high-yield.
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Taxable municipal issuance has decreased 40.9% year-over-year, but returns so far in 2023 are outperforming tax-exempts and high-yield.
The Investment Company Institute reported investors pulled $377 million from to mutual funds in the week ending April 12, after $229 million of inflows the previous week.
Johnson and Johnson is preparing an IPO for its Consumer Health business.
One underwriter called it a "violent inversion," given that the short end of the municipal and Treasury yield curves were so dislocated.
The "weakness in the secondary market will carry over into this week, which may lead to higher yields and wider spreads in the primary market," said CreditSights strategists Pat Luby and Sam Berzok.