TITLE

Municipals Follow Treasuries Down; Lean Primary Supply Eases Fall

AUTHOR(S)
Curran, Bill; Johnson, Anastasija
PUB. DATE
January 2005
SOURCE
Bond Buyer;1/26/2005, Vol. 351 Issue 32057, p2
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article reports that municipal bonds lost ground, following Treasuries lower as the long end of the government market sold off in a correction after more than a week of steady gains. Municipal opened with a firm tone but the bid side eroded as the government market slipped on technical factors. The U.S. Treasury Department sold 20-year TIPS with a coupon of 2 3/8s and a yield of 2%. The bid-to-cover ratio was 1.51. Indirect bidders, typically foreign central banks, bought 37.9% of the auction. The bid-to-cover ratio on the previous 20-year TIPS auction, in July 2004, was 1.49.
ACCESSION #
15821231

 

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