Primary bond market

The municipal bond market was quiet on Monday ahead an early close to trading and Tuesday’s full close for the Fourth of July holiday.

With the first half of the year officially in the books, we take a look at long-term municipal bond issuance.

Issuance is forecast to screech almost to a halt during the July 4th holiday shortened week.

Muni analysts pointed to June's uptick in volume as a sign that issuance may start to rebound.

Top shelf municipal bonds were unchanged at mid-session as traders prepared for next week’s almost non-existent new issue calendar. Ipreo estimates volume at $130.4 million, down from a revised total of $6.02 billion sold this week, according to updated data from Thomson Reuters.

Municipal bond traders are preparing for next week’s almost non-existent new issue calendar as they get ready for the upcoming Fourth of July holiday.

The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices rose one basis point to 4.05% from the previous week's 4.04%.

Bonds were hit Thursday by a combination of global central bank comments, strong Eurozone economic data, and rising expectations of another interest rate hike by the Federal Reserve this year.

Municipal bonds were weaker as yields rose as much as seven basis points. In the primary, the N.Y. MTA postponed its $700 million green bond deal while Goldman priced the Los Angeles Department of Water & Power’s bonds.

Municipal bond traders are eyeing yields on the rise as the primary gets set to see the last of the big deals of the week hit the market on Thursday.

Top-rated municipal bonds finished weaker on Wednesday, sending yields as much as four basis points higher, according to traders, as two large deals from New York issuers priced.

Top-rated municipal bonds were weaker at mid-session, according to traders, as two large deals from New York issuers came to market.

Municipal bond traders are waiting to see the institutional pricing of the big DASNY deal as a host of other offerings hit the market on Wednesday.

Top-quality municipal bonds ended weaker on Tuesday, according to traders, as the first of the week’s new supply lit up their screens, led by a big DASNY deal.

R. Seelaus & Co. said Quentin Murray would join the firm as head of sales and trading after spending the past four years at Stifel Nicholas.

Top-quality municipal bonds were weaker at midday, according to traders, who were seeing the first of the week’s new supply light up their screens, led by the big DASNY deal.

Municipal bond traders are prepped for the week’s new supply to light up their screens on Tuesday, with the retail pricing of the big New York Dormitory deal on tap.

National Public Finance Guarantee's ability to write new business is in question after a downgrade to A, three notches below competitors Assured Guaranty and Build America Mutual, which were both affirmed at AA.

Top-rated municipal bonds finished stronger on Monday, according to traders, who were looking ahead to Tuesday, when the first of the week’s new issues head into the market.

Top-rated municipal bonds were stronger at mid-session, according to traders, who were looking ahead to Tuesday when the first of the week’s new issues head into the market.