The Bond Buyer's weekly yield indexes rose this week, as the municipal market weakened in all but one of the week's sessions.
Additionally, market participants digested news that Moody's Investors Service late Monday put its triple-A ratings of bond insurers Financial Security Assurance Inc. and Assured Guaranty Corp. on review for possible downgrade. "The market has had somewhat of a negative tone," said Evan Rourke, portfolio manager at MD Sass. "I think everyone was concerned about the news and what that's going to mean for the bond market. Dealers are certainly not participating, and some of the competitive sales are still hung up, so guys are sitting on competitive balances out there."