-
A complete disconnect between liquidity providers and seekers exposed the market’s inefficiencies: an asset class dominated by a limited investor base—retail investors—has grown increasingly concentrated.
April 17Western Asset Management -
The secondary market took a backseat to the primary Thursday with yields holding steady while Lipper reported $833 million of inflows, the first since February 26.
April 16 -
ICI reported nearly $3 billion of outflows, which is foretelling that coronavirus-driven volatility still lingers even if the muni market has rallied by at least 60 basis points since early-April high yields.
April 15 -
Technical and fundamental concerns surrounding credit and supply could present challenges for the market going forward but participants tepidly welcomed signs of stability.
April 14 -
There will be more queasiness ahead of any calm in municipals as adjustments to the coronavirus-induced climate continue to test the market’s resolve.
April 3 -
Forced selling continues and credit spreads are widening as much as 200 basis points in spots making for a large bid-ask disconnect in the market.
April 2 -
Coronavirus-led fears are leading investors, particularly retail, to cash once again amid uncertainty surrounding how much and what maturities of municipal bonds the Fed will purchase once its program begins.
April 1 -
The primary market remained mostly on the sidelines with issuers slow to jump back into coronavirus-driven volatility while also awaiting Fed engagement.
March 31 -
The municipal bond market is poised to begin digesting larger primary issuance in the coming week after a massive rally in recent days.
March 27 -
Benchmark yields fell another 50 to 60 basis points, dropping them more than 1.5% in just four days. Meanwhile, a $450 million taxable new-issue came to market and was eight times oversubscribed.
March 26