New York State Dormitory Authority

Yields on the long end of the curve dropped as much as seven basis points while very short yields rose.

In secondary trading municipals ended weaker after a strong employment report.

Credit concern is being lost somewhat in pricing munis and traders said they are looking for alternative benchmarks, even turning to corporates and U.S. Treasuries to price the market.

New York's DASNY is expected to make a $1 billion private placement Friday.

Yields on all triple-A benchmark curves out to nine years are now below 1%. The largest bumps were again on the very short end of the curve. Lipper reported $580 million of inflows.

Investors are sending the message that higher-grade, longer-term issuers will fare far better than lower-rated, higher-yield ones amid a focus on credit.

The short end of the municipal curve again saw yields fall, but that didn't impede the productivity of the day's new-issue market.

The municipal market was hammered Wednesday by the COVID-19 pandemic with a more than quarter point correction in AAA benchmarks, issuers pulling deals off the shelves and more reports of pricing and evaluation confusion.

The region's bond issuers sold $113.3 billion of debt in 2019, a 16.8% increase from 2018 fueled largely by a spike in taxable deals.

Reuben McDaniel III, newly appointed CEO and president of the Dormitory Authority of the State of New York, outlines his vision for one of the nation’s top municipal bond issuers. Hosted by Andrew Coen.