Taylor Riggs

Light new issue supply ahead of the Thanksgiving holiday led to demand in the secondary market as prices rose, fueled by mixed trading of Jefferson County, Ala., sewer debt after last week’s pricing.

Trading in the tax-exempt market continued to stay quiet with a few bonds in the secondary trading stronger from where the priced in the primary market last week.

The tax-exempt market opened trading this week on a quiet note as light supply and little secondary activity kept yields flat from Friday's levels.

The municipal bond market ended mostly stronger on Friday after two straight days of losses, as dealers unloaded inventory left over from the primary deals at higher prices to customers.

Tax-exempt bonds in the secondary market traded with firm levels on Friday as traders said high-grade bonds saw demand from buyers.

The municipal bond market headed lower for the third straight week as yields rose on new supply flooding the market, a 26th consecutive outflow from bond funds, and a softer Treasury market.

The tax-exempt market traded with yields about flat to Thursday as dealers unloaded to customers in the secondary market bonds left over from new issues priced earlier in the week.

The municipal bond market ended weaker for a second straight session Thursday as lower-rated credits took the brunt of the selloff, playing catch-up to the Treasury selloff after the release of the FOMC meeting minutes.

The tax-exempt market headed lower on Thursday for a second consecutive session as traders cut prices in the secondary market following mixed reception of primary deals throughout the week.

The tax-exempt market weakened on Thursday morning, playing catch up to the Treasury selloff Wednesday afternoon after the release of the Federal Open Market Committee meeting minutes.

The municipal market eyed two large deals pricing for retail investors on Wednesday following a successful underwriting of the $1.78 billion of Jefferson County, Ala., sewer warrants the previous day.

The municipal bond market posted gains for a fifth session Wednesday even as Treasury prices drifted lower as trading in the secondary picked up in volume.

With the completion of the week's largest deal, $1.8 billion of Jefferson County, Ala., sewer bonds, the municipal bond market readied for the retail pricing of the next two largest deals of the week, even as the secondary market has a firmer tone.

Citi priced $1.78 billion of Jefferson County sewer revenue warrants Tuesday in the biggest deal of the week, cutting prices on senior debt from the retail ordering period.

Secondary trading activity slowed Tuesday afternoon as traders said bonds are harder to buy as yields grind lower and turn to cheaper deals in the primary.

High quality credits in the municipal bond market traded stronger Tuesday morning as market participants said mid- to high-rated credits were well received in the primary.

The municipal bond market started the week on a strong note with yields heading lower with Treasuries as bankrupt Jefferson County, Ala., issued bonds for retail investors for a second day.

The municipal bond market traded stronger Monday afternoon even as bonds were put out for bid in the secondary market.

The tax-exempt market opened on a quiet note Monday morning as traders waited for Jefferson County, Ala., to issue a second retail pricing for $1.8 billion of sewer revenue bonds.

The municipal bond market ended firmer for a third session on Friday as Jefferson County, Ala., began a retail order period on $1.8 billion of sewer warrants and traders saw higher bids for bonds in the secondary.