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Muni Market Set for Active 4 Days After Holiday
Muni yields were unchanged on Friday after a very sleepy day, as most market participants have already started their long weekends.
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New Jersey Governor Chris Christie said he will sign two bills that pull Atlantic City from the brink of bankruptcy and give the troubled gambling hub about five months to right its finances -- a task that if unmet would result in an unprecedented state takeover. more »
Fitch Ratings has downgraded the rating on approximately $130.2 million of fixed-rate revenue bonds, series 2007A and 2012, issued by the Pennsylvania Higher Educational Facilities Authority on behalf of La Salle University (La Salle, or the university) to 'BBB' from 'BBB+'. The Rating Outlook has been revised to Stable from Negative. more »
Top-rated municipal bonds were unchanged in quiet activity on Friday, traders said, as the market slowly wound down during a holiday-shortened trading session. The U.S. bond markets will close early ahead of Memorial Day and will remain closed on Monday. Trading will resume on Tuesday. more »
The Nuveen High Yield Municipal Bond Fund outperformed its benchmark by 10% over the last five years by keeping duration a bit longer and adding value through security and sector selection. more »
WASHINGTON (MNI) - The U.S. Q1 GDP revision shows modest growth but contains the seeds for a bounce in Q2. more »
The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, rose two basis points to 3.90% from 3.88% in the previous week. more »
Top-rated municipal bonds finished steady to weaker in quiet activity on Thursday, traders said, as the primary market wound down in the last full trading session of the week. The U.S. bond markets will close early on Friday ahead of Memorial Day. Markets will remain closed on Monday before trading resumes on Tuesday. more »
The Treasury Department auctioned $28 billion of seven-year notes, with a 1 5/8% coupon and a 1.652% high yield, a price of 99.822210. more »
Top-rated municipal bonds were steady to weaker at mid-session, traders said, as the primary market was slowly winding down as the long Memorial Day holiday weekend loomed. more »
The Treasury Department said Thursday it will auction $31 billion 91-day bills and $26 billion 183-day discount bills Tuesday. more »
The Treasury Department said Thursday it will sell $40 billion of four-week discount bills Tuesday. more »
Contracts to purchase previously owned U.S. homes climbed in April by the most since October 2010, adding to signs that the industry’s busy selling season was off to a good start, according to data released Thursday by the National Association of Realtors. more »
The municipal bond market was winding down on Thursday, with the last larger sales of the week slated to come market as traders were preparing for the upcoming Memorial Day holiday weekend. more »

Daniel Berger, Senior Market Strategist at Municipal Market Data, talks about the recent rally in municipal bonds which has brought long-term yields down to record lows. He talks about continuing demand from retail investors in light of the upcoming Summer redemption season and he discusses the allure that the American tax-exempt market has for overseas buyers. He outlines the recent spread compression in quality credits and also looks at some of the market's outliers -- Puerto Rico and Chicago.

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