After an exciting week, the municipal is expect to grind to a halt on Friday, with a sleepy primary and secondary market anticipated. With supply expected to continue rebounding into the week ahead, more active weeks like the one jus passed are expected. Below, your playbook for the day.
Primary -
- No deals over $100 million are expected to close in either the primary or secondary markets on Friday.
Secondary -
- Trading got off to a slow start on Friday and was not expect to pick up throughout the day, said a Midwest based trader. As of 9:54am, the Dormitory Authority of the State of New York, often referred to as DASNY, was the heaviest trader, with $18.87 million bonds traded Friday morning. The issuer's 5s of 2040 funding Cornell University tightened seven basis points to 2.5% from 2.57% in round lot trading, according to Municipal Securities Rulemaking Board's disclosure website EMMA.
Scales -
- The Municipal Market Stat's triple-A 5% curve was unchanged from Thursday's close, according to data proivded by TM3. Scales continued to strengthen on Thursday, with yields on bonds maturing between 2015 through 2022 unchanged from Wednesday while those maturing in 2022 strengthened one basis point, according to the MMD triple-A 5% curve provided by TM3. Yields on bonds maturing between 2023 through 2036 fell three basis points while those maturing between 2037 through 2044 tightened two basis points, according to TM3.
