The secondary muni market was dislocated Friday with high-grade block trading showing swings in yields and rate volatility and price discovery remain problematic for investors and issuers alike. After a week of large issuers bringing sizable deals, Friday did not fully commit to a more stabilized muni market.
The news out of Washington did not help as headline risk clearly had participants questioning direction from D.C. on policies affecting the municipal market.
Triple-A benchmark yields rose by about five basis points across the curve.
(Read more: The Bond Buyer)
