Market participants anticipating a time when UBS Securities LLC is no longer a competitor in the municipal bond market may have to wait. The firm will act as a registered municipal dealer until the shuttering of the department is completed later this year and will continue to bid on competitive deals, likely long into the future.

Since the beginning of June, when UBS officially closed its department, it has been the winning bidder on 13 relatively small competitive bond sales, according to Thomson Reuters. The deals have ranged in size from $37.8 million, sold by the Janesville School District, Wis., to $6.4 million, sold by North Andover, Mass.

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