The tax-exempt market was firmer Wednesday, although the rally lagged that of the Treasury market as news from Europe pushed Treasury yields to new record lows.

The lag in the muni market pushed ratios higher, causing some participants to lighten up as municipal bonds continue to look relatively cheaper compared to their taxable counterparts.

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.