Municipals sold off Wednesday after a weeks-long steady period during which they barely budged a basis point or two up or down, even as U.S. Treasuries pared back recent losses and equities were mixed. The municipal secondary gave way to higher-yield trades on high-grade names and triple-A benchmarks rose two to five basis points as a result. New deals still fared well, though some issues moved to the day-to-day calendar as participants wait to see whether the correction Wednesday was a one-off event. The fundamentals are strong, though, with supply still light on a relative basis.
Source: Bond Buyer
