The municipal bond market saw the last of this month's issuance come to market on Tuesday, pretty much wrapping up this week's and this month's activity.
"It's totally dead," one New York trader said.
Looking Ahead No muni deals are scheduled for Wednesday or during the abbreviated trading session on Friday, the last trading day of November.
The Dalcomp calendar shows about $10 billion of negotiated issues are scheduled for sale the week of Dec. 1.
Among the top negotiated deals next week are the Texas Transportation Commission's $1.6 billion general obligation mobility fund bonds, scheduled to be priced by Bank of America Merrill Lynch on Wednesday.
Also of note are the $750 million New York State Thruway Authority's general revenue refunding bonds to be priced by Goldman Sachs on Wednesday; the $749.57 million Miami-Dade County, Fla., aviation revenue refunding bonds, AMT and non-AMT, to be priced by Wells Fargo Securities on Wednesday; and the Phoenix, Ariz., Civic Improvement's junior lien water system revenue bonds, to be priced by Bank of America Merrill Lynch on Wednesday.
The competitive sale calendar is dominated by three big issues from New York totaling about $1.3 billion and one from New Jersey for $525 million. On Tuesday, The New York State Urban Development Corp. is offering for bid $371.745 million taxable state personal income tax revenue bonds, $423.99 million Group A and $514.59 million Group B state personal income tax revenue bonds.
On Wednesday, the state of New Jersey sells $525 million general obligation bonds.
Secondary Market The bond markets have a regular trading day on Wednesday and a 2 p.m., EST, recommended close on Friday but little if any secondary activity is expected on either day.
Municipal bond yields were unchanged to a tad lower on Tuesday, with the benchmark 10-year general obligation yield down two basis points to 2.13% from Monday and 30-year GO one basis point tighter to 3.07%, according to the final read of MMD's triple-A scale.
Treasury prices were mostly higher, with the two-year note yield off one basis point to 0.51% from Tuesday's market close. The 10-year yield was down three basis points to 2.24% while the 30-year fell three basis points to 2.95%.
On Tuesday, the muni-to-Treasury ratio was higher. The 10-year muni-to-Treasury ratio closed at 94.2%, up from 93.2% on Monday. The 30-year muni to Treasury ratio closed at 103.5%, compared with 102.1% on Monday. MSRB: Previous Session's Activity The Municipal Securities Rulemaking Board reported 35,782 trades on Tuesday for volume of $8.635 billion.
Most active on Tuesday, based on the number of trades, were the New Jersey State Trust Fund Authority transportation program's 2014 Series AA 4¼s of 2044 which traded 218 times with an average price of 98.768 for an average yield of 4.323%.
