TITLE

Bid Side Improves, Some Prices Rise, But Municipals Still Underperform

AUTHOR(S)
Johnson, Anastasija; Curran, Bill
PUB. DATE
March 2005
SOURCE
Bond Buyer;3/18/2005, Vol. 351 Issue 32093, p2
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article reports that with treasuries managing to pull off a second consecutive up day and new-issue supply slowing, the bid side in the municipal market improved and some recently issued bonds tried at higher prices than their original levels. Traders estimated that muni yields fell one to three basis points amid fairly active trading. But municipals continued to underperform their taxable counterparts, which were boosted by a sharp decline in a regional manufacturing index. The Federal Reserve Bank of Philadelphia reported that its business conditions index slumped to 11.4 in March from 23.9 in February, while economists forecast a smaller decline.
ACCESSION #
16488054

 

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