After an active week, the municipal market scaled back on Friday morning. With no large deals scheduled to price, the secondary slowed as well, giving traders a respite after a particularly exciting week.
Primary
There are no deals over $100 million scheduled to price on Friday in either the competitive or negotiated markets.
Secondary
Trading was very light on Friday morning, with just Golden State Tobacco fetching over $15 million in trades, according to data provided by Municipal Securities Rulemaking Board's disclosure website, EMMA. Yields on the 4.5s of 2027 dropped to 5.29% in round lot trades from a high of 5.44% on Thursday, according to EMMA.
Scales
Municipals opened strong on Friday morning on the intermediate to long end of the curve. Yields on bonds maturing between 2020 and 2044 strengthened one to three basis points, as yield on bond maturing between 2015 through 2019 were under review, according to Municipal Market Data's triple-A 5% curve provided by TM3.
Treasury
The Treasury market strengthened across the curve on Friday morning, with yields falling after a weak Thursday. Yields on the two-year fell two basis points to 0.39%, the 10-year slid five basis points to 2.24%, and the 30-year dropped four basis points to 3.01%.
