James Ramage

A quiet municipal market Wednesday is waking up for the week’s largest new deals. While secondary market activity is subdued so far this morning, a reasonably successful California Department of Water Resources issuance priced well for retail on Tuesday, and the industry is looking forward to its institutional pricing.

The municipal market ended slightly firmer on the day, benefiting from disappointing news from the Euro zone, adequate interest in high-grade blocks, and a solid performance in the retail pricing for one of the week’s largest new deals, coming out of California.

NEW YORK — The municipal market ended slightly stronger on the day. It benefited from disappointing news from the Euro zone, adequate interest in high-grade blocks, and a solid performance in the retail pricing for one of the week’s largest new deals, coming out of California.

Following a quiet morning, a slightly improved municipal market Tuesday is reacting to struggling equities and uncertainty in Europe.

The municipal market has been slow to give direction Tuesday morning. That could change later in the day if there is ample retail interest in the $980 million of California Department of Water Resources power supply revenue bonds.

Municipal market investors sat on their collective hands Monday, wary of the low nominal yields and content to wait for the week's largest new deals to give some direction.

NEW YORK — Municipal market investors sat on their collective hands Monday, wary of the low nominal yields and content to wait for the week's largest new deals to give some direction.

The municipal bond market has seen limited trading activity in the secondary market Monday.

The municipal market geared up for a week of more deals in the primary market, persistently low rates and attractive ratios along the yield curve. But it’s too early for trading in the secondary to give any real direction, a trader in Florida said.

A turbulent week for the municipal market came to a quiet end Friday. And all things considered, munis fared pretty well by largely holding on to their gains — even if they underperformed Treasuries on the day and for the week.

NEW YORK — A turbulent week for the municipal market came to a quiet end Friday. And all things considered, munis fared pretty well by largely holding on to their gains — even if they underperformed Treasuries on the day and for the week.

Amid quiet trading, municipals are mostly holding on to the big gains in yield they’ve made throughout the week, particularly at the long end.

The municipal market Friday morning is trying to collect itself and get its bearings after a dramatic week.

The municipal market weakened a little Thursday, as it watched an afternoon sell-off in Treasuries and a strong day for the stock markets.

A volatile marketplace and a gloomy economic outlook conspired to drive investors away from municipal bond mutual funds for a third straight week.

NEW YORK — The municipal market weakened a little Thursday, as it watched an afternoon sell-off in Treasuries and a strong day for the stock markets.

Yields for municipals and Treasuries are diverging as gains in the stock market have clouded, though not completely obscured, interest in fixed-income securities.

The municipal market took a multitude of strengths into the opening Thursday morning. They ranged from attractive ratios to Treasury yields, favorable assessments from the ratings agencies, and a certainty that the Federal Reserve will preserve a low-rate environment for another two years.

It took a day for the Federal Reserve's announcement that it will keep interest rates pinned to the floor to really sink in for municipal bond investors. But sink in it did.

NEW YORK — It took a day for the Federal Reserve’s announcement to really sink in for municipal bond investors. But sink in it did.