The short end of the municipal yield curve was bumped seven or more basis points, but yields across the curve were lower by at least five basis points. New issues fared well, with large universities pricing deals into a market that rewarded them with 15 basis point bumps in repricings, even though many may not hold in-person courses in the fall. Municipal to U.S. Treasury ratios were attractive, especially on the short end, which drove secondary yields lower. How long investors can stomach yields below 30 basis points on the short end is yet to be determined.
(Read more: The Bond Buyer)
