Munis improve to start week; increased supply to test market
Volume rebounds eightfold this week with a new-issue calendar of $8.5 billion, including several billion-dollar deals.
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Volume rebounds eightfold this week with a new-issue calendar of $8.5 billion, including several billion-dollar deals.
Munis are in the black so far in October and some participants see signs of continued improvement.
Triple-A yields fell four to 10 basis points across the curve amid robust secondary trading with high-grade names showing clear moves to lower yields.
Bids wanteds have been elevated, municipal bond mutual fund outflows large and consistent and the short end of the U.S. Treasury curve continues its march upward, moves that muni investors cannot ignore.
Short triple-A yields have risen more than 30 basis points over the past eight sessions while the long bond has risen 19, per Refinitiv MMD data.