March 3 Sales of U.S. municipal bonds and notes
will jump to $10.39 billion next week, bolstered by large deals
from California, Maryland, and New York City, according to
preliminary Thomson Reuters data.
Leading the deals next week is $2.4 billion from California
of general obligation various purpose and refunding bonds. The
deal is managed by Citigroup Global Markets.
Last year California surpassed France to become the world's
sixth-largest economy, after years of robust state revenues and
economic growth. In the fiscal year beginning last July,
revenues have wavered somewhat, coming in just slightly below
The state of Maryland plans to issue next week almost $1.2
billion of general obligation bonds, state and local facilities
The New York City Transitional Finance Authority plans to
issue $800 million of future tax secured tax-exempt subordinate
bonds, led by JPMorgan.
U.S. municipal bond funds reported $346.2 million of
outflows this week, breaking a seven-week streak of net inflows.
Municipals finished weaker on Thursday, following the direction
of Treasuries. Uncertainty surrounding the Fed's next action
created some volatility in rates this week, reported Janney
Fixed Income Strategies.
Next week's calendar will be made up of approximately $2.7
billion from the competitive calendar and of roughly $7.7
billion from the negotiated calendar, according to preliminary
(Reporting by Robin Respaut; Editing by Phil Berlowitz)