Several large new issues price in a stabilizing muni market

The municipal market rallied by as much as 10 basis points, several large new issues priced and ICI reported $1.5 billion of outflows, down dramatically from the previous report of $20 billion.
The market appears to be moving toward some semblance of normal conditions as the new-issue pricings and moderating bid volume create a more stable tone.
Bon Secours Mercy Health’s (A1/A+/AA-/NR) priced $683 million of hospital facilities revenue bonds and Citi received the written award on Texas Public Finance Authority’s (Aaa/AAA/ / ) $472.470 million of general obligation and refunding taxable bonds.
Other large deals out of Virgina, Texas, and Tennessee were providing direction for the overall market.
(Read more: The Bond Buyer)