Munis Unchanged as Traders Eye Three-Day Weekend

Curran, William; Scarchilli, Michael
May 2006
Bond Buyer;5/26/2006, Vol. 356 Issue 32390, p2
Trade Publication
The article reports that municipal market was unaffected or slightly weaker yesterday as traders gained profits due to rumors in the market. A heavy slate of new issues Wednesday drew buyers off the sidelines and into the market, pushing tax-exempt yields lower by two or three basis points even as Treasuries were unchanged. This outperformance nudged the yield ratio of 10-year triple-A rated tax-exempts to 10-year Treasury notes to 79.3%. It also led some relative value traders to unwind positions. As the percentage drops, municipals become more expensive. Bear, Stearns & Co. priced $584.2 million of tobacco settlement asset-backed bonds for the Tobacco Securitization Authority of Southern California on behalf of the San Diego County Tobacco Asset Securitization Corp.


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