Securitization

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.

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

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.

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.

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.

Municipal bond traders are looking to see an average sized new issue slate price into the market this week as they eye yields which have been little changed as of late.

Although the volume for the primary market will fall toward a more normal level, demand isn't expected to waver.

Top-shelf municipal bonds were flat at midday as traders take a break from the primary on Friday to look ahead to next week’s new issue slate. an estimated $6.82 billion.

Municipal bond traders are taking a break from the primary on Friday to go through the long list of deals that priced this week and put them into their order books.