Texas to lead municipal market sales in holiday-shortened week
SAN FRANCISCO, Sept 2 (Reuters) - Texas will be back in the U.S. municipal bond market next week with a $615 million Highway First Tier Revenue bond offer led by Morgan Stanley, the largest negotiated offer scheduled for the holiday-shortened week.
The next biggest offer comes from the California Health Facilities Financing Authority, which will bring $306 million in revenue bonds to the market next week.
Total tax-exempt supply set to hit the municipal bond market next week is estimated at $5.31 billion, versus $6.3 billion this past week. The year-to-date weekly average is $7.6 billion, according to preliminary Thomson Reuters data.
Next week's deals include $3.77 billion from the negotiated calendar and $1.54 billion in competitive offerings.
There have now been 48 consecutive weeks of muni bond inflows, according to MMD.
September is expected to be another busy month for munis, with $12.4 billion in visible supply and $7.5 billion for sale next week, according to Janney Fixed Income Strategy.
With $39 million of new issuance, last month was the busiest August in at least 30 years, Janney noted. (Reporting by Rory Carroll; Editing by Meredith Mazzilli)
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