Municipals Follow Treasuries Down; Lean Primary Supply Eases Fall

Curran, Bill; Johnson, Anastasija
January 2005
Bond Buyer;1/26/2005, Vol. 351 Issue 32057, p2
Trade Publication
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.


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