NEW YORK – Many of the week’s largest deals in the municipal market are being priced Wednesday and traders said reception is moderate.
“We are doing OK,” a Los Angeles trader said. “We were hoping they would do better but there is certainly a lot of news out here,” referring to Stockton declaring bankruptcy Tuesday evening. “There are a couple of deals out there that are trying to find footing. If you price attractively enough it does well. We are seeing one deal that has been bumped 10 basis points because it came in a little too cheap.”