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During Wednesday’s briefing, Gov. Jim Justice announced that the West Virginia Water Development Authority (WDA) recently approved more than $31 million for 17 infrastructure-related projects funded by the Economic Enhancement Grant Fund.
The secondary was quiet and the sole deal of size came from a $400 million-plus competitive water and sewer loan from Portland, Oregon. The recent rise in yields makes for more compelling levels.
Outflows from municipal bond mutual funds receded as Refinitiv Lipper reported $92.055 million was pulled from them as of Wednesday after $2.876 billion of outflows the week prior.
The "weakness in the secondary market will carry over into this week, which may lead to higher yields and wider spreads in the primary market," said CreditSights strategists Pat Luby and Sam Berzok.