After a one-day postponement, Barclays Capital brought $657 million of New York Metropolitan Transportation Authority bonds to the municipal market yesterday, including $608 million of taxable Build America Bonds. Traders reported a firm tone in the secondary market.
“We’re a solid three to five basis points better, across the board,” a trader in Los Angeles said. “There’s decent activity, and institutional investors are putting money to work. We’re probably closer to five basis points better on the long end, but I’d say a good three to five overall.”