Taylor Riggs

Taxable municipal issuance soared during the first half of 2013 led by borrowers refunding existing debt at new low rates.

The municipal bond market ended on a mostly steady tone Thursday, even as one Michigan issuer postponed its sale and Chicago bonds traded weaker.

Still reeling from Detroit's bankruptcy, Fifth Third Securities postponed a $60.6 million Saginaw County, Mich., general obligation limited tax pension obligation bond deal Thursday afternoon.

With most of the new issues priced earlier in the week, the tax-exempt market took a breather Thursday morning and traded slightly firmer in the secondary market.

The week's largest issuers borrowed in the tax-exempt market Wednesday as Puerto Rico Electric Power Authority led the way with the Commonwealth's first deal in 2013.

The majority of the week's largest deals priced Wednesday with Puerto Rico Electric Power Authority lowering yields in repricing and Washington State GOs pricing near the double-A Municipal Market Data scale.

Puerto Rico Electric Power Authority grabbed the attention of the municipal bond market Wednesday with yields over 7% attracting buyers.

Triple-B rated credits from Puerto Rico Electric Power Authority and Chicago O'Hare International Airport whetted investors' appetites for higher yields, causing the secondary market to weaken Tuesday.

Many of the week's largest deals priced Tuesday afternoon, including over $450 million of high-grade Minnesota general obligation bonds that traders said looked rich.

All eyes in the tax-exempt market looked to Puerto Rico Electric Power Authority and Chicago O'Hare International Airport to test investor demand in the triple-B space.

California bonds moved against the trend Monday and advanced amid lighter and weaker trading in the tax-exempt market.

With high yields attracting investors, California bonds traded stronger Monday amid an overall weaker tone in the general market.

Trading in the tax-exempt market opened steady Monday morning as market participants described muni activity as a typical Monday in the summer.

The tax-exempt market ended steady to slightly stronger Friday after poor employment numbers led to demand for safe-haven assets.

The tax-exempt market started to follow Treasuries stronger Friday afternoon after a worse-than-expected jobs number pushed investors into safer assets.

The municipal bond market outperformed Treasuries throughout most of the week as yields on tax-exempts didn't rise as much as their taxable counterparts.

The tax-exempt market decoupled from their taxable counterparts Friday morning as selling pressure surfaced even amid a much stronger Treasury market.

Municipal bond yields moved higher after data on jobless claims and manufacturing came in better than analysts expected.

With little supply in the new issue market Thursday, municipal bonds traded a few basis points stronger, decoupling from a Treasury selloff.

Additional positive economic data released Thursday morning pushed prices lower and yields higher in municipal bonds, following Treasuries.