Municipals Firm in Late Trading; Merrill Wins $836M of Penn. GOs

Johnson, Anastasija
May 2003
Bond Buyer;5/21/2003, Vol. 344 Issue 31640, p2
Trade Publication
The U.S. municipal bond market firmed in late trading on May 20, 2003, reflecting strength in Treasuries, while in the competitive sector of the new-issue market financial services provider Merrill Lynch& Co. won 836 million dollars of Pennsylvania general obligation bonds. Treasuries spiked in late trading, while equities declined. Traders said investors focused on the U.S. Federal Reserve Board chairman Alan Greenspan's upcoming testimony before the Joint Economic Committee in hopes he would offer more clues about his view of the economy and the direction of monetary policy.


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