Municipal bond traders encountered limited liquidity in secondary markets Monday, though prices were generally unchanged in the transactions that did occur. Two large new issues were offered to retail investors, which kept those looking to buy new bonds engaged. Still, most participants were sidelined. In terms of day-to-day total returns:
- The high-grade, short end of the curve showed a total return of 0.00%, according to Municipal Market Advisors data. The high-grade, intermediate part of the curve showed a total return of 0.00%. The high-grade, long end of the curve showed a total return of positive 0.02%.
Major deals priced Monday:
- $427 million higher education revenue bonds for the University of Pittsburgh in 2 series; Aa2/AA/NR; retail only. $253 million personal income tax bonds for the New York State Environmental Facilities Corp.; NR/AAA/AA-; retail only.