Dealers unloaded balances left over from the new issues priced earlier in the week Friday morning as half the trading volume came from dealers selling bonds to customers. Puerto Rico trading activity was quiet after the general obligation bonds were put on credit watch negative by Fitch Ratings.
One Chicago trader said dealers were selling out bonds left over from earlier in the week. Over $700 million of bonds were bought by customers and only $359 million bought by dealers. Interdealer trading made up $478 million of the total $1.56 billion traded as of Friday morning.