Municipals Finish Little Changed; Lower Prices Attract Some Buyers

Johnson, Anastasija; Curran, Bill
March 2005
Bond Buyer;3/3/2005, Vol. 351 Issue 32082, p2
Trade Publication
The article reports that the U.S. Municipal bonds finished little changed yesterday, as lower price levels began attracting buyers and traders said the trend, along with good reception of some primary deals, pointed to stabilization in the market. Tax-exempts had a weak tone at the open, when Treasuries were in the red and some newly issued bonds traded five and more basis points cheaper than their original levels, but the mood progressively got better as new issues got priced and longer-dated government bonds pared some earlier losses. Some long-term bonds traded two basis points cheaper yesterday, but that was overshadowed by new deals, particularly by the competitive sale of $630 million triple-A rated Maryland bonds. Merrill Lynch & Co. won the Maryland offering, which included $350 million of capital improvement bonds and $280 million of refunding bonds.


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