Healthcare, taxable deals push muni new-issue slate up to $16.4B – Bond Buyer

Healthcare, taxable deals push muni new-issue slate up to $16.4B – Bond Buyer

The new-issue calendar is stuffed with all types of healthcare deals and taxable offerings, inflating its size up to almost $16.5 billion, once again the largest supply slate of 2020.

Healthcare deals and taxable sales feature prominently on the list of new deals, but offerings from the states of California, Hawaii, Illinois as well as tobacco bonds round out the slate along with some big competitive issues.

In secondary trading, municipals were little changed Friday, with yields on the AAA scales remaining mostly steady ahead of the upcoming supply surge. On the week, muni yields were only about one basis point lower.

“Muni trading has gone into its typical Friday ‘I’m outta here’ mode with light activity and no change in directional bias,” said Peter Franks, senior analyst at Refinitiv MMD.

“A lot of the week’s deals were higher-yielding — taxables, healthcare, transportation, aviation — names, which went off well,” a New York trader said. “It will remain to be seen how much the market can take on some big investment grade GO deals, presumably that issuers were holding off selling but
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