The municipal market remained unchanged to slightly firmer yesterday, as the Alabama Public School and College Authority came to market with a $680 million refunding.
“We’re seeing a little bit of firmness here and there, but it’s quiet overall,” a trader in San Francisco said. “I’m not sure if you can really say it’s definitively better, but there’s certainly a firmer tone. On the whole, I guess I’d say we’re mostly unchanged, with some gains in spots. I think mostly it’s that intermediate part of the curve where you’re seeing those gains — around the 10-year, 15-year mark. The very short end and the very long end, I’m not seeing any movement at all.”