Trading in the secondary market saw AAA benchmark yields rise by three to five basis points but the primary market showed signs of life with several larger new deals getting done at appropriate levels given current market conditions as the coronavirus continues to ravage state and local credit quality. The municipal market weakened a little but that did not prevent new issue deals from coming in and pricing, as demand for the asset class seems to be gaining steam.
Meanwhile, more issuers are opting to go the private placement route. …
“I think buyers are finally starting to get comfortable at the new levels which we are at,” said one New York trader. “The deals today saw decent demand, which should give the rest of this week’s issues renewed optimism.”
(Read more: The Bond Buyer)
