"I would agree that munis are much stronger," a New York trader said, "especially considering where we are doing trades from Friday to today."
Munis continued to strengthen Monday afternoon, according to the Municipal Market Data scale. The two-year to 12-year yields fell as much as two basis points while yields outside 13 years dropped between one and four basis points.
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Treasuries were stronger Monday on economic worries. The two-year and the benchmark 10-year yield each dropped three basis points to 0.23% and 1.46%, respectively. The 30-year yield plunged four basis points to 2.54%.
In the negotiated market, Loop Capital Markets priced for retail $202.4 million of Pennsylvania Turnpike Commission senior lien turnpike revenue bonds, rated Aa3 by Moody's Investors Service and A-plus by Standard & Poor's and Fitch Ratings. Institutional pricing is expected Tuesday. Pricing was not available by press time.
On the competitive calendar, JPMorgan won the bid for $100.9 million of King County, Wash., triple-A rated general obligation bonds. Pricing details were not yet available.