Steady, Slow Day
(INSIGHT: pub. May 18, 2012; 3:30p EST)
Municipal bonds were little changed today ahead of a large primary calendar scheduled for next week:
”Perhaps there was some lightening up ahead of next week’s calendar and in line with Treasury weakness today but there was just so little trading today that we see the market as genearlly little changed,” a trader said. “Still, I’ve heard some traders at other shops telling me they think it is”
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Quiet Start
(INSIGHT: pub. May 18, 2012; 10:30a EST)
Municipal bonds were lightly traded and little changed this morning:
”There just isn’t much trading going on in the secondary markets today,” a trader said. “This week’s deals are freeing up with mixed results. The big Treasury rally yesterday changed the ratio picture but we have a surge in new issues next week so there are competing factors.”
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Firmer Today But Underperform Taxables
(INSIGHT: pub. May 17, 2012; 3:30p EST)
Municipal bonds firmed today but greatly underperformed the Treasury rally this afternoon:
”The market is certainly firmer today as Treasuries rallied hard,” a trader said. “There were some late-morning bids-wanteds that showed municipals up as much as 4- or 5-basis points in the 10-year range but that is probably a reach. The grind to lower yields again occurred today but lower yields over the longer term is”
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Mixed Open
(INSIGHT: pub. May 17, 2012; 10:30a EST)
Municipal bonds were mixed but range-bound this morning while the Treasury market improved modestly:
”In the Street we are not seeing much activity to point us in a single direction,” a trader said. “After yesterday’s underperformance and now a firmer bid to Treasuries this morning, the ratios look appealing once again. But so far we’ve only seen a couple of trades that look to take advantage of the ratio. Instead there have been a good amount of”
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Cheaper Today; Several Deals Cut
(INSIGHT: pub. May 16, 2012; 3:30p EST)
Municipal bonds lost ground and underperformed the Treasury market as the last new-issues of the week began the pricing process:
”We’ve been trading without robust retail distribution for a while now,” a trader said. “Usually the story this time of year is all about the retail redemption activity but not today. While I think that has played a role in keeping rates low, with less retail interest that trade becomes harder to pull off. It has been professional money getting”
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Cheaper As Last Large Deals Price
(INSIGHT: pub. May 16, 2012; 10:30a EST)
Municipal bonds declined this morning as did taxable markets:
”Right off the bat a lot of names that have been liquid in the 10- to 30-year range traded a good amount cheaper,” a trader said. “North Carolina, Washington, DC in the 10-year range and then Cals and Puerto Rico credit out long are all off from yesterday’s levels. With another day of weaker Treasuries plus resistance to how low tax-exempt rates are, there is just no one out there to sustain”
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Munis Slightly Cheaper 10-years & Out
(INSIGHT: pub. May 15, 2012; 3:30p EST)
Municipal bonds were slightly cheaper 10-years and out today in sympathy with Treasuries:
”We have heard anecdotally of credit spreads widening in sympathy with risk-off trades in taxable markets,” a trader said. “High-grades seem to be holding in however and we see the market as unchanged to off 1-basis point. Compared to Treasuries we looked solid today but I think traders are just”
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Few Changes; Seattle To Sell Soon
(INSIGHT: pub. May 15, 2012; 10:30a EST)
Municipal bonds were little changed this morning amid an active primary:
”I have not seen anything that would indicate that we are either up or down today,” a trader said. “We underperformed yesterday and today with Treasuries backing up in yield the municipal market is sitting steady. The primary is taking center stage for now, leaving little to do with the secondary market.”
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Firmer As Primary Gets Going
(INSIGHT: pub. May 14, 2012; 3:30p EST)
Municipal bonds posted modest gains in sympathy with Treasuries today but underperformed that market in light secondary action:
”We virtually always underperform to the upside, so it’s not completely shocking that we are doing that today,” a trader said. “The 10-year-ish range is up around 3-basis points and I’d say on the longer-end it is 2-basis points. For a Monday, we’re seeing more trades than average for a full day. We’ve sort of”
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Municipals Follow Taxables To Lower Yields
(INSIGHT: pub. May 14, 2012; 10:30a EST)
Municipal bonds improved this morning with the best performance 10-years and out as Treasuries rallied:
”Municipals are not ignoring the rally in Treasuries,” a trader said. “There is actually a decent amount of activity for a Monday morning. Names like Washington GOs, Pennsy GOs in the 10-year range and than New York City water bonds out long are all trading better. In the primary we have”
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Little Changed To End Week
(INSIGHT: pub. May 11, 2012; 3:30p EST)
Municipal bonds were little changed while Treasuries improved:
”Trading was quiet in the afternoon and there were just not enough prints to justify moving anyone’s scale in my opinion,” a trader said. “Some are saying the reason is next week’ supply, which is a bit larger than this week but that is nonsense. We still don’t have”
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Steady To Firmer Tone This AM
(INSIGHT: pub. May 11, 2012; 10:30a EST)
Municipal bonds were little changed this morning while Treasuries firmed:
”Trading has been on the lighter side this morning and generally little changed although some are making the case for improvement early on,” a trader said. “Treasuries were up higher earlier and a few prints looked to be trending that way but for now most of the market is seeing few changes. Next week’s calendar is slightly larger than what we had this week but the broad theme of”
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Stalled For the Moment
(INSIGHT: pub. May 10, 2012; 3:30p EST)
Municipal bonds were little changed to cheaper in spots while Chicago re-priced water revenue bonds to much lower yields in the afternoon:
”In the intermediate range there were some Washington GOs that had a bit of give to them early on and that started a bit of a trend for the rest of the session,” a trader said. “Still, a lot of high-grade stuff is hanging in pretty good. I am going to”
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Weaker In Spots; Chicago Prices
(INSIGHT: pub. May 10, 2012; 11:00a EST)
Municipal bonds were little changed to perhaps cheaper in spots amid light trading:
”With Treasuries off there are a few accounts looking to take advantage and sell in here but there has not been heavy selling or anything like that,” a trader said. “Volume seems lighter this morning than the last few days. I would say the market has stopped because of a weaker Treasury market but everything else is pointing municipals in the”
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Munis Firmer Despite Taxable Turnaround
(INSIGHT: pub. May 9, 2012; 3:30p EST)
Municipal bonds posted minor gains today while new-issues continued to be generally well received:
”We had our busiest day today in a long while,” a trader said. “Walking in this morning and the bids were definitely up from yesterday. It did get a bit softer this afternoon as Treasuries backed off a bit but the bid is still there. The technicals are very strong going into June. It seems like every new deals comes to market and they”
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Firmer Start Again
(INSIGHT: pub. May 9, 2012; 10:30a EST)
Municipal bonds firmed again amid busy primary and secondary markets:
”Ten years and out we see the market better by a few,” a trader said. “Early offerings saw strong interest and we got a lot of block trades right off the bat showing gains. Last week’s deals, namely Louisiana and Illinois GOs, continue to trade up as well. A few more deals came to market but clearly this week is deviating from the”
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Municipal Yields Continue Lower
(INSIGHT: pub. May 8, 2012; 3:30p EST)
Municipal bonds posted gains today in step with Treasuries:
”I think municipals are getting support from events in Europe, weak equities and a strong Treasury bid,” a trader said. “But we also have a relatively light calendar, cash in our market and”
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Mass To Sell Shortly
(INSIGHT: pub. May 8, 2012; 10:30a EST)
Municipal bonds were little changed to firmer today.
”We still have yet to see a lot of deals price yet and that is keeping some sidelined,” a trader said. “We expect Mass to get solid bids as most competitive deals have lately and it’s one of a handful of triple-A names pricing this week. With Treasuries higher again municipals are”
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