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9th February 2026

Municipal market update

New data released by the Bureau of Labor Statistics in Thursday’s JOLTS report indicated continued weakening of the US labor market. The estimated number of job openings fell to 6.54 million at the end of December, a low point since September 2020. The labor market will remain in the spotlight this week, as the January Employment Report will be released on Wednesday.

Municipal bond issuance is projected to reach approximately $9.3 billion this week.

In other news, President Trump signed a bill to end the partial government shutdown and provide stopgap funding for the Department of Homeland Security over the next two weeks.

Primary municipal issuance remained light last week. Both Municipal and Treasury yield curves fell over the course of the week. Demand continues to be supportive of the municipal market: Lipper reported $2.4 billion in fund inflows for the week ending February 5, the eleventh consecutive week of inflows, and the second straight with inflows over $2 billion. The SIFMA Municipal Swap Index reset to 2.17%, down from the previous week of 2.28%.

Looking ahead, this week’s economic releases include US Retail Sales, Initial Jobless Claims, CPI, and the January employment report, which was delayed from last week.

Municipal bond issuance is projected to reach approximately $9.3 billion this week. Cabrera will serve as Co-Manager for the City of Ontario, California Public Finance Authority and for Round Rock Independent School District.

Some of the week’s largest transactions include the following:

  • $1.25 billion Harris County Cultural Education Facilities Finance Corporation Revenue Refunding Bonds (Houston Methodist) Series 2026A (-/AA/AA/-)

  • $929.56 million District of Columbia General Obligation and Refunding Bonds, Series 2026A&B (Aa1/AA+/AA+/-)

  • $641.53 million District of Columbia Water and Sewer Authority Series 2026A&B (Aa2/AA+/AA/-)

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