NEW YORK – The tax-exempt market ended the week on firming footing as traders noted the market had a good tone. Given the fact that many deals in the primary were over $500 million, they were well received and many were bumped in repricings.
“It’s kind of winding down as people get ready for the holiday,” a trader in the Southwest region said, referring to the Fourth of July holiday next Wednesday. “Most people will be half staffed next week. And so it was a pretty lack luster day compared to the last few days. We had good activity the last few days and bonds were going away in the retail order period. So the market has a good tone.”