Munis Flat to Firmer; 20-Years Hit Record Low

"There's a bit of a firmer tone," a trader in New York said. "There isn't a whole lot of activity though, so I'm not sure you can call it anything other than flat at this point. Maybe we're better a basis point or so, but there's just not a lot trading."...

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Bibliographic Details
Published inThe Bond buyer (New York, N.Y. 1982) Vol. 373; no. 33376
Main Author Scarchilli, Michael
Format Newspaper Article
LanguageEnglish
Published New York, N.Y SourceMedia dba Arizent 01.09.2010
Subjects
Alternative minimum tax
Bond ratings
Municipal bonds
Subsidies
Treasuries
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Summary:"There's a bit of a firmer tone," a trader in New York said. "There isn't a whole lot of activity though, so I'm not sure you can call it anything other than flat at this point. Maybe we're better a basis point or so, but there's just not a lot trading." "There is definitely some firmness out there, but it's a quiet week," a trader in Los Angeles said. "We're going to pick up maybe a basis point, maybe two, but it's the week before Labor Day. There's just not a lot trading." [Bonds] from the $5.2 million series mature from 2011 through 2018, with yields ranging from 0.40% in 2011 to 2.50% in 2018, all priced at par. The bonds are not callable. Bonds from the $14.3 million series mature from 2011 through 2017, with yields ranging from 0.40% in 2011 to 2.30% in 2017, all priced at par. The bonds are not callable. Bonds from the $38.6 million series, which is subject to the alternative minimum tax, mature from 2011 through 2021, with term bonds in 2023 and 2024. Yields range from 1.15% in 2011 to 4.35% in 2024, all priced at par. The bonds are callable at par in 2019.
ISSN:0732-0469