Municipal bond prices were unchanged in early trading, traders said, as the market was set for a quiet, abbreviated session on Thursday.
Trading will end at 2 p.m., New York time, ahead of the full market close on Friday. The market will reopen on Monday, Dec. 28.
There are no bond deals of over $1 million on the negotiated or competitive calendars until after the start of the new year.
Secondary Market
The yield on the 10-year benchmark muni general obligation was flat from 1.93% on Wednesday, while the 30-year yield was steady from 2.82%, according to a read of Municipal Market Data's triple-A scale.
Treasury bonds were narrowly mixed on Thursday. The yield on the two-year yield rose to 1.01% from 0.99% on Wednesday, while the 10-year Treasury fell to 2.25% from 2.26% and the 30-year Treasury yield decreased to 2.98% from 2.99%.
The 10-year muni to Treasury ratio was calculated on Wednesday at 85.3% compared to 86.3% on Tuesday, while the 30-year muni to Treasury ratio stood at 94.1% versus 95.2%, according to MMD.
MSRB Previous Session's Activity
The Municipal Securities Rulemaking Board reported 27,652 trades on Wednesday on volume of $3.83 billion.
The Week's Most Actively Quoted Issues
Puerto Rico and California were some of the most actively quoted names in the week ended Dec. 24, according to data released by Markit.
On the bid side, the Puerto Rico commonwealth GO 5.5s of 2039 were quoted by nine unique dealers. On the ask side, the California taxable 7.55s of 2039 were quoted by 13 unique dealers. And among two-sided quotes, the Puerto Rico commonwealth GO 8s of 2035 were quoted by 12 dealers.
The Week's Most Actively Traded Issues
Some of the most actively traded issues by type in the week ended Dec. 24 were in New York, Connecticut and North Carolina, according to Markit.
In the revenue bond sector, the New York City Transitional Finance Authority 5s of 2039 were traded 34 times. In the GO bond sector, the Connecticut 4s of 2028 were traded 23 times. And in the taxable bond sector, Duke University's 5.85s of 2037 were traded 10 times.
Bond Buyer Visible Supply
The Bond Buyer's 30-day visible supply calendar rose $481.6 million to $4.20 billion on Thursday. The total is comprised of $1.51 billion competitive sales and $2.69 billion of negotiated deals.
Tax-Exempt Money Market Funds Post Inflows
Tax-exempt money market funds experienced inflows of $2.81 billion, bringing total net assets to $253.60 billion in the period ended Dec. 21, according to The Money Fund Report, a service of iMoneyNet.com. This followed an inflow of $1.27 million to $250.79 billion in the previous week.
The average, seven-day simple yield for the 359 weekly reporting tax-exempt funds remained at 0.01% for the 138th straight week.
The total net assets of the 942 weekly reporting taxable money funds increased $11.07 billion to $2.513 trillion in the period ended Dec. 22, after an outflow of $17.84 billion to $2.501 trillion the previous week.
The average, seven-day simple yield for the taxable money funds rose to 0.05% from 0.03% in the previous week.
Overall, the combined total net assets of the 1,301 weekly reporting money funds rose $13.88 billion to $2.766 trillion in the period ended Dec. 22, which followed an outflow of $16.57 billion to $2.752 trillion the week before.
