Even though the market is open today, most municipal market participants were enjoying time with family and recovering from too much tryptophan in their system. Traders who are working on Friday said that yields are unchanged.
Secondary Market
The yield on the 10-year benchmark muni general obligation was flat from 2.37% on Wednesday, while the yield on the 30-year was steady at 3.10%, according to a final read of Municipal Market Data's triple-A scale.
U.S. Treasuries were stronger at the early market close on Friday. The yield on the two-year fell to 1.12% from 1.13% on Wednesday, the 10-year Treasury dropped to 2.35% from 2.38%, while the yield on the 30-year Treasury bond decreased to 3.00% from 3.05%.
MSRB: Previous Session's Activity
The Municipal Securities Rulemaking Board reported 32,281 trades on Wednesday on volume of $8.502 billion.
Primary Market
Although the market is open today, there are no scheduled deals pricing and according to traders, the only activity is that is taking place is 'minimal trading'.
The market will be back in full swing on Monday, as everyone will be back to work after a long holiday weekend.
Volume for the week ending Dec. 2 is forecast by Ipreo to rise to a more normal level of $9.1 billion, from $460 million in the Thanksgiving week, according to revised data from Thomson Reuters. The calendar is comprised of $6.72 billion of negotiated deals and $2.38 billion of competitive sales.
Bond Buyer Visible Supply
The Bond Buyer's 30-day visible supply calendar increased $2.39 billion to $16.78 billion on Monday. The total is comprised of $4.39 billion of competitive sales and $12.39 billion of negotiated deals.
