Tuesday, Jan. 12, 2016

Municipal Bond Market
Munis traded weaker Monday as the market looks ahead to the almost $8bn in supply scheduled for the week.  We saw extremely light trading on Monday due to the combination of a slight sell off in Treasuries and this week’s new issue calendar.  The majority of feedback from customers was that they would rather wait to see how new deals price before putting money to work.  Highlights of today’s calendar include $500mln CA Sutter Health, $500mln Trinity Health’s, and $135mln East Carolina University.  30-day supply is slightly stronger this morning $13.52bn scheduled vs. $13.10bn Monday.

PR trading remains extremely quiet as the market awaits more color out of the commonwealth.  Puerto Rico GO 8’s of 2035 traded as low as $72 on Friday (11.67%) after trading around $73 earlier in the week.  We continue to see very light trading across all PR credits at the moment. 

30-Day visible supply: $13.5bn


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