Stout New-Issue Calendar Helps Keep Municipal Buying in Check

Johnson, Anastasija
September 2004
Bond Buyer;9/14/2004, Vol. 349 Issue 31968, p2
Trade Publication
This article reports some recent developments in the U.S. municipal bond market. The municipal bond market finished flat to a touch better on September 13, 2004, as gain in the Treasury market encouraged some participants to step up their bids, though there was no widespread buying given a heavy new-issue calendar this week. In some cases the bid side improved by one basis point, but at the same time bid-ask spreads remained wide, as participants were reluctant to take on paper the day before Pennsylvania was scheduled to sell $805 million general obligation bonds and Atlanta was expected to come to market with $865 million water and sewer revenue bonds. However, new-issue supply will be a major factor in the municipal market this week, as long-term bond volume is expected to rise to $5.37 billion from $4.3 billion last week, according to estimates by the periodical "The Bond Buyer."


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