Secondary bond market

Municipal bond traders were returning to their desks on Tuesday with their eyes fixed on falling yields as they await a rather quiet primary market.

The municipal bond market will see a shortage of new supply kicking off the new year, after experiencing a record-breaking month in which almost $63 billion of bonds sold.

The municipal bond market will see a shortage of new supply going into the new year, after experiencing a record-breaking month in which more than $61 billion of bonds sold.

With the primary market at a standstill Thursday, attention turned to the first major deal of the New Year, a planned sale by the New Jersey Economic Development Authority that’s being challenged in court.

While there are no major bond issues on the slate for Thursday, one deal that is garnering some attention is next week's $381 million offering from the New Jersey Economic Development Authority

Muni yields dropped five basis points for the second day in a row, as volume and participants were scarce.

Yields have gone further south as minimal action occurs in the primary and the secondary, with most market participants on hiatus until after the New Year.

Municipal bonds strengthened Tuesday as the primary market shifted to holiday mode after breaking the December record for issuance.

The municipal market will be staffed by skeleton crews as the calendar has no negotiated deals and only small competitives, which don't even total $3 million — and another long holiday weekend right around the corner.

The muni market absorbed almost $58 billion, a record for December, before a holiday hiatus to end the year.

The long holiday weekend comes at a perfect time for tired muni market participants after a furious few weeks of action spurred by tax reform.

The muni primary market ground to a halt after a barrage of deals triggered by tax legislation.

The muni market is skidding to a halt from a break-neck issuance filled two weeks, as an eerie quiet pervades ahead of the long holiday weekend.

The muni market is skidding to a halt from a break-neck issuance filled two weeks, as few notable deals remain on the calendar.

The two largest deals of the week touched down, as yields rose with comprehensive tax reform just a few President Trump pen strokes away from becoming official.

The primary market is still waiting for the last few deals of the week to hit, as both the holiday weekend and tax bill becoming law draw closer.

Only a handful of larger deals remain for pricing in the market on Wednesday, as comprehensive tax reform is imminent.

Breakneck action continued in the primary market as issuers flooded the market ahead of the tax reform vote, in order to get deals closed before the end of the year.

The action continued on Tuesday in the primary market as issuers flooded the market ahead of the tax reform vote, in order to get deals done and closed before the end of the year.

The week got off to a fast start on Monday and will pick up right where it left off on Tuesday, as issuers are doing what they can to get deals done and in the books before yearend. Tuesday is expected to be one of the last busiest primary days of the year.