NEW YORK — Municipal bond investors are showing enthusiasm for the day’s new issuance. But it’s all geared toward specific buyers, according to a trader in New Jersey.
“There’s an appetite out there,” he said. “We’re still seeing July coupon money being reinvested. If any decent-sized blocks come out for the bid, the bid is there. And it seems like if the right retail bond comes along — and there are very few discounts right now — it gets gobbled up pretty quickly.”