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muni maintain upward trajectory

edited September 2019 in The OT Bullpen

muni maintain upward trajectory

Primary bond market Secondary bond market State of New York State of California State of Texas

A day after roughly 80% of the Week's new issue calendar came and went, the primary muni market saw no larger deals price on Wednesday.

Municipals as an asset class resumed an upward path, despite a September supply build that has given some market participants some pause, according to Jeffery Lipton, managing director and head of muni research and strategy at Oppenheimer.

"September is not a particularly high-volume month and so there is some significance in the out-sized month-to-date supply figures," Lipton said. "We are seeing very active taxable issuance marketed to advance refund tax-exempt debt, coming as spreads remain tight on corporate debt."

90.7%, according to MMD.

with Japan and the rising possibility of a

Previous session's activity
The MSRB reported 35,275 trades Wednesday on volume of $15.22 billion. The 30-day average trade summary showed on a par amount basis of $11.17 million that customers bought $5.98 million, customers sold $3.24 million and interdealer trades totaled $1.95 million.

California New York and Texas were most traded, with the Golden State taking 14.535% of the market, the Empire State taking 11.382% and the Lone Star State taking 10.558%.

% high yield, a price of 99.947285.The bid-to-cover ratio was 2.49. Tenders at the high yield were allotted 61.62%. All competitive tenders at lower yields were accepted in full. The median yield was 1.590%. The low yield was 0.880%.

Gary E. Siegel contributed to this report.

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