Buyers came back to the tax-exempt market Friday afternoon as cheapening earlier in the week led to some traders finding deals.
"We have some buyers out there, but just because there are some cheap offerings," a New York trader said. "They are buying bonds on bid-wanteds because there is not much going on in the street."
He added the market was weaker, but not by much.
In the primary market next week, $5.40 billion is expected to come to market, down from this week's revised $6.30 billion. In negotiated deals, $4.16 billion is expected to be priced, up from this week's revised $3.99 billion. On the competitive calendar, $1.24 billion is expected to be auctioned, down from this week's revised $2.31 billion.
On Thursday, the
Treasuries were strong in Friday afternoon trading. The benchmark 10-year yield dropped four basis points to 1.66% while the 30-year yield fell one basis point to 2.75%. The two-year was steady at 0.28%.