TITLE

Munis Unchanged as Traders Eye Three-Day Weekend

AUTHOR(S)
Curran, William; Scarchilli, Michael
PUB. DATE
May 2006
SOURCE
Bond Buyer;5/26/2006, Vol. 356 Issue 32390, p2
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
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.
ACCESSION #
21043136

 

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