The municipal market was hammered Wednesday by the rapidly spreading COVID-19 global pandemic with a more than quarter point correction in AAA benchmarks, issuers pulling deals off the shelves and more reports of pricing and evaluation confusion in an already complicated market.
High-yield was being hit hard in the secondary market while several issuers put their new-issues on the day-to-day calendar amid what some are calling an “irrational” market. Three large negotiated deals that were scheduled to price Wednesday were pulled as muni yields skyrocketed up 28 basis points on the MMD AAA and other benchmarks were not far from those figures.
(Read more: The Bond Buyer)
