Market Close: Munis Slightly Firmer at Close

Calif. Market Close: Tax-Exempts Finish Slightly Firmer

NEW YORK – The California municipal market was slightly firmer today, after a one-day pause in observance of Veteran’s Day. Traders said tax-exempt yields were lower by three or four basis points.

Market Post: Munis Slightly Firmer in Morning Trade

The municipal market was slightly firmer this morning. Trader said tax-exempt yields were lower by two or three basis points.
“It’s somewhat quiet. We’re seeing a few orders, but being a half week this week, people are slow to get started,” a trader in New York said. “There’s a bunch of bid-wanteds out there, not quite as bad as what we were used to seeing a couple weeks ago, but a little more than usual. But overall, it’s fairly quiet. People are buying bonds in anticipation of taxes going through the roof, regardless of what income you earn, so municipals are going to be a hot product in the weeks and months to come. I would imagine people are buying in relation to that now. We’re probably a little more expensive, only because there’s not a lot of people around, so you’re pretty much going to be looking for the bottom of the barrel stuff right now.”
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