Oliver Renick

Municipal bonds opened Friday with steady yields as many traders were absent ahead of a three-day holiday weekend.

Bond Buyer indexes finished the second week of February largely unchanged.

Traders in the municipal bond market were left with few options on Thursday as a winter snowstorm across the northeast kept trading activity slow. Market participants expressed frustration with a lack of new bonds, as visible supply reached a new low this year.

Municipal bonds were steady Thursday morning as activity levels remained low in light of a snowstorm in the northeast.

Puerto Rico bonds continued to trade at yields consistent with weeks prior to a series of three rating downgrades, as low new issuance kept trading activity muted. Retail investor behavior continued to deviate from that of institutions.

The bulk of new issues slated for pricing this week came Wednesday, as issuers moved to get deals done before a winter storm hits the northeastern region Thursday.

Municipal bond yields climbed on the long end of the curve Wednesday, playing catch-up to Treasury losses that occurred Wednesday after testimony by Federal Reserve Chair Janet Yellen.

The municipal bond market moved little Tuesday even as new bonds hit the market and Janet Yellen gave her first speech as Federal Reserve chair.

John Ruiz, an executive director and credit analyst at Morgan Stanley, died suddenly last Tuesday morning at age 53.

Municipal bonds appeared uninspired Tuesday afternoon, as yields remained unchanged as two of the week's biggest deals came to market.

Municipal bond yields were unchanged Tuesday morning as Federal Reserve Chair Janet Yellen made her first presentation since replacing Ben Bernanke.

Barclays Capital, RBC Capital Markets and Morgan Stanley will be lead managers for Puerto Rico's upcoming general obligation bond issue, the commonwealth said in an announcement Tuesday.

Municipal bond yields were unchanged Monday as trading activity was muted following a downgrade of Puerto Rico bonds on Friday.

The municipal bond market opened the week slowly, with traders expecting minimal activity in light of a miniscule new issue calendar.

With new issuance at dismal levels and investors gearing up for a three-day weekend, participants in the municipal bond market this week are focusing their attention on the impact of a second downgrade on Puerto Rico debt.

A two-notch downgrade by Moody's on Puerto Rico bonds late Friday sent retail investors fleeing from the commonwealth's debt, now labeled junk by two ratings services.

Municipal bonds traders were lethargic Friday as a bleak new issuance calendar this month has failed to inspire investors, market participants said.

Municipal bond yields dipped Friday morning after a government employment situation report showed payroll jobs rose at a slower pace than expected.

Bond Buyer indexes were mixed the first week of February.

The spread between Illinois general obligation bonds issued Thursday over benchmark 10-year AAA bonds was narrower than the last time the pension-burdened state came to market with tax-exempt bonds.