November 23, 2018

Equities got hammered as trade concerns mount and the growing fear that the economy is slowing festers. The DJIA plummeted 1,128 points last week and is down 1,704 points over the past two weeks. One‐month LIBOR was up two basis points resetting at 2.32% on Friday. The SIFMA Index increased by three basis points last week resetting at 1.69% which is 73% of one‐month LIBOR. Treasury yields continued to come down in the face of the equity selloff as investors look for safety. The 10-year Treasury closed at 3.041%, down 2.3 basis points in yield. The 30-year treasury finished the week at 3.303%, down 1.4 basis points from the previous Friday’s close. The 10-year MMD was down 4 basis points, while 30-year MMD was down 5 basis points, closing last week at 2.650% and 3.064%, respectively. As of Friday, the percent of municipals to treasuries was 85.83% for the 10-year maturity and 99.00% for the 30-year maturity.

There were no single family issuers during the shorter holiday week. Issuers in the multifamily space over the last week were South Carolina Housing, Louisiana Housing Corporation, Clear Lake Senior Housing (IA), MassHousing, Maryland Department of Housing & Community Development, Maryland State Community Development Administration, California Housing Finance Agency, New Jersey Housing & Mortgage Finance Agency, Housing Finance Authority of Miami-Dade (FL), and Tarrant County Housing Finance Corporation (TX). More detail on these transactions can be found in the attached roundup.

Upcoming economic releases & news includes House Price Purchase Index, Conf. Board Consumer Confidence, MBA Mortgage Applications, Wholesale Inventories, GDP Annualized, New Home Sales, Personal Income, Personal Spending, Initial Jobless Claims, Continuing Claims, Chicago Purchasing Manager, Markit US Manufacturing PMI, Construction Spending, and ISM Manufacturing.

There are handful of deals on the calendar for this week:
$82,970,000 Colorado Housing & Finance Authority
$82,000,000 Oregon Housing & Community Services Department
$29,000,000 Housing Authority of the City of San Diego, CA (MFH)
$22,100,000 Washington State Housing Finance Commission (MFH)
$14,000,000 Washington State Housing Finance Commission (MFH)
$11,690,000 New Hampshire Housing Finance Authority (MFH)
$8,800,000 Washington State Housing Finance Commission (MFH)