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Municipals end steady as market prepares to close for Christmas; 30-day supply at $6.48 billion
By Sheri Kasprzak
New York, Dec. 23 – Yields on top-rated municipals were little changed Wednesday as activity practically stopped ahead of the Christmas holiday at the end of the week, market sources said.
With just about $100 million of tax-exempt new issue supply – and no significant offerings in the pipeline – there’s been little to report, a market source said Wednesday afternoon.
Although supply has been extremely light ahead of the holiday, new-issue activity on the horizon has picked up.
Thirty-day visible supply, reported at just $941 million earlier this week, rose to $6,475,000,000, said the source, still below the 12-month average of $10.61 billion.
Among those upcoming deals is $340 million of competitive offerings and $6,135,000,000 of negotiated deals.
Inflows decline
Despite the slump in new-issue action, municipal bond funds are still reporting inflows.
Lipper Inc. reported Wednesday that net inflows the week of Dec. 16 were $303.5 million, down from $742 million the prior week.
High-yield muni funds reported inflows of $26.7 million, compared with $203.2 million the previous week.
Nevada deal ahead
Looking to that upcoming supply, the first competitive deal of 2016 was announced Wednesday.
The Nevada System of Higher Education is on tap to price $61,345,000 of series 2016A certificates of participation on Jan. 12.
The COPs will be offered competitively with JNA Consulting Group LLC as the financial adviser.
The COPs are due 2017 to 2046, and the system plans to use the proceeds to fund capital improvements to the University of Nevada at Reno and to refund some outstanding obligations.
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