The Bond Buyer’s weekly yield indexes rose this week, as the municipal market grew weaker in most of the week’s sessions.
“It was just selling pressure in general, and very lackluster buying,” said George Strickland, managing director and portfolio manager at Thornburg Investment Management. “There’s a lot of people that are sort of sitting on their hands, watching the bond insurers go down. There’s selling pressure coming in from leveraged buyers, arbitrage, and hedge funds, and signs of more of that to come. So it’s hard to get real motivated about buying bonds in this market.”