U.S. municipal bond and note sales will total just $1.6 billion during next week’s shortened calendar because of the July 4th holiday, compared with nearly $9 billion this week, according to Thomson Reuters estimates.
The biggest deal on the calendar is from the South Carolina Transportation Infrastructure Bank for $204 million of revenue refunding bonds.
Low supply has contributed to strong muni market performance. The 30-year yield on top-rated muni bonds hit another record low on Friday, closing at 1.99 percent, according to Municipal Market Data, a Thomson Reuters unit.
The 10-year yield was 1.34 percent on Friday, just 5 basis points off its the record low of 1.29 percent hit on June 27.
Muni bond issuance levels dropped to $214.5 billion in the first half of 2016, a 0.2 percent decline from the same period last year.
Fri Jul 1, 2016 5:29pm EDT
(Reporting by Hilary Russ; Editing by Dan Grebler)