Municipal Bond Market
Munis are unchanged this morning as the market continues to lag treasuries. The market remains focused on the primary market, leading to very little demand for secondary trading. We continue to see aggressive selling of the front end as accounts continue to raise cash to put to work through new issuance. It seems as if the market has come to the conclusion that cash needs to be put to work and that the primary market seems to offer the most attractive opportunities. 30-day supply is slightly stronger this morning with $9.9bn scheduled over the next 30 days versus $9.0bn on Monday.
PR trading started off the week light with very trades across all sectors. Benchmark GO 8s of 2035 traded Monday @ 70.00 (12.03%), after trading around $71 last week.
30-Day visible supply: $9.9bln