The tax-exempt market ended weaker for a sixth session as bids wanted in the secondary pushed prices down. Still, that didn’t stop the week’s largest issuers from tapping the market, including the first Detroit name to appear since the city’s July 18 bankruptcy filing.

Traders in the tax-exempt market gobbled up the high yields offered by Michigan Finance Authority’s $92 million state aid revenue notes for the School District of Detroit. Priced by JPMorgan, the notes yielded 4.375% priced at par maturing in August 2014.

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.