The municipal market was unchanged to slightly weaker yesterday, kicking off what’s expected to be a heavy week of new issuance.

“I think we’re off maybe a couple basis points on the bid side,” a trader in Chicago said. “It’s kind of a new level. It seems people are nibbling at it. There’s been a couple interesting trades, very slight adjustments. I think this week is going to be wait-and-see. I get the sense that we’ve made a correction in the past couple of weeks. It’s going to depend on a fair amount of volume. This week seems a little more weighted in the BABs — last week was more of the regular issue stuff. We’ll have to see how the balances of last week’s deals clean up.”

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.