The municipal market fell as much as 10 to 12 basis points at one point on Monday amid the COVID-19 crisis and its ricocheting effects on the global economy.
But the municipal market is lagging the rest of the world because munis as an asset class are fundamentally more difficult to monitor and evaluate.
Given the fragmented state of the municipal market with more than 50,000 issuers, many different structures, low liquidity, archaic benchmarks, delayed and non-standard financial filings, the market is having to deal with this crisis moment by moment.
As participants unpack what is unfolding globally, there is room for caution and also opportunity, sources said.
Read more: Bond Buyer.
