Taylor Riggs

After a double-digit selloff in the municipal bond market last week, tax-exempts stabilized Monday morning along with Treasuries.

A positive employment report Friday morning dragged down bond prices, capping what has been a week-long risk on trade and higher fixed income yields.

Prices on tax-exempt bonds crumbled under the weight of March seasonal factors, softer Treasuries, and a risk on trade that persisted throughout the week.

A snowy Friday afternoon in the Northeast helped quiet down activity in the tax-exempt market as traders said bids that were out this morning were starting to go away. Still, the market felt significantly weaker.

Driven by better-than-expected economic news and an unemployment rate that fell to a four-year low, the tax-exempt market continued to post losses Friday morning.

With a risk on trade pushing the Dow Jones Industrial Average to its third straight record high Thursday, municipal bond yields followed Treasuries higher.

Despite significant cheapening in municipal bond market, larger competitive deals are seeing fairly decent reception, and the large New York State general obligation deal continued that trend Thursday afternoon.

Coming off the heels of a fairly well-received $700 million Maryland general obligation deal, the tax-exempt market focused Thursday on what could be the second largest deal of the week.

Despite an overall soft municipal bond market, the largest deal of the week saw buying support and yields did not cheapen as much as the benchmark scales.

The tax-exempt market softened Wednesday afternoon as the largest deal of the week, $680.6 million of triple-A rated Maryland general obligation bonds, came in as much as four basis points off the Municipal Market Data scale.

With the 30-day visible supply now over $11 billion, traders in the municipal bond market say supply headwinds are pushing munis lower.

With pressure on safe-haven assets and the Dow Jones Industrial Average topping its all-time high, the municipal bond market ignored supply and demand factors and ended the day weaker despite a light primary calendar.

The tax-exempt market traded lower Tuesday afternoon, despite a relatively light new issue calendar, as yields in both the primary and secondary market rose.

The tax-exempt market traded steady to slightly weaker Tuesday morning as an overall risk-on trade pushed bonds lower while the Dow Jones Industrial Average traded at a record high level.

The taxable municipal bond market is attracting buyers as the tax-exempt municipal bond market and other taxable asset classes look expensive.

The tax-exempt market opened the week Monday on a mostly steady tone as traders said the market was quiet across the board.

The tax-exempt market continued to see light trading Monday afternoon as traders waited for primary supply to price later in the week.

The tax-exempt market got off to a typical slow start Monday morning as traders said the market was quiet.

The tax-exempt market extended its week-long gaining streak into Friday as traders said munis followed Treasuries higher and demand outweighed supply.

The tax-exempt market started to show signs of slowing Friday afternoon as traders headed home for the weekend.