The tax-exempt market had no trouble handling the large supply that came in the primary Wednesday. Deals were oversubscribed even as a large deal was priced a day ahead of schedule.

“Deals are still over subscribed this week,” a New York trader said. “There is still very strong interest. It’s the typical story of: you put your order in, it’s oversubscribed, you get bumped, and then you don’t get the allocation that you want.”

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.