A leaden and lackluster municipal market shuffled into the afternoon Monday. While the retail order periods for some of the week's issuance seep in, market participants, particularly institutions, have been holding their fire in the secondary in anticipation of larger offers to come, giving the market a ponderous tone.
Before the financial crisis of 2008-09, it would have been significant news if yields on municipal bonds had exceeded those on Treasury securities at any maturity, and that occurrence likely would have attracted a variety of investors seeking to take advantage of the relative-value opportunity.
the bond buyer conferences
September 25-27, 2013JW Marriott LA Live, Los Angeles, CA
October 27-29, 2013Crowne Plaza Times Square Manhattan, New York, NY