muni maintain upward trajectory
https://www.bondbuyer.com/news/municipals-still-have-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.
