NEW YORK – The tax-exempt market was steady again on Friday, ending a week that saw flat yields for every trading session. Yields remain near record lows, and traders continue to move out on the yield curve and down the credit scale in search for yield.
“I did not trade any munis this week,” an Atlanta trader said. “But we bought a lot on a closed-end fund this week that will invest in long term munis with an average credit of A-minus. And inflows were over $500 million.”