Solid Performance Once Again
(INSIGHT: pub. January 26, 2012; 3:30p EST)
Municipal bonds gained again today as did the Treasury market:
”There were big blocks that traded right out of the gate today like a $15 million block of Dorm Pits in 2027 that went away at a 2.67%,”a trader said. “That is a change in psychology from recent sessions. This afternoon it has continued. But really this market has tightened up considerably in the last few days, especially in the intermediate range. For example, I see a block of New York City waters in 2026 that came out of an account yesterday at a 2.59% and were offered this morning at a”
...continued (Clients - See Full Report)
FREE TRIAL
Firmer Start
(INSIGHT: pub. January 26, 2012; 10:30a EST)
Municipal bonds traded with a firm tone again this morning as the last large new deals of the week entered the market:
”It seems to us that the belly of the curve is performing the best,” a trader said. “That 12- to 20-year range is showing the best block trades out there. Names like Salts, Hawaii and New York City GOs are all up by as much as 3- to 5-basis points. Farther out we also see a better tone but it is not as pronounced. An early look at next week’s calendar doesn’t show much of an”
...continued (Clients - See Full Report)
FREE TRIAL
Large Gains In Afternoon
(INSIGHT: pub. January 25, 2012; 3:30p EST)
Municipal bonds extended gains into the afternoon as Treasuries rallied on news out of the Federal Reserve:
”We were stronger without the push by Treasuries but now with that market rallying the bid for municipals is definitely improving,” a trader said. “We noted New York City water bonds from this week’s deal out in 2045 trading at a 3.80% after those bonds closed yesterday at 3.94% - that’s a big jump. What started as a bit stronger turned into a rally today as it seems the Street was”
...continued (Clients - See Full Report)
FREE TRIAL
Better Start
(INSIGHT: pub. January 25, 2012; 10:30a EST)
Municipal bonds firmed again this morning on light secondary activity:
”There are not a lot of accounts chasing the bid here but clearly there is a better tone, although to us it seems dealer-led,” a trader said. “You see a dealer offer, say, Fairfax County GOs through a brokers-broker, and within a few minutes they get lifted at firm levels by another dealer. That happened early on and it sort of sets the tone. Now we are seeing better markets on New York City waters, Wake County’s – you name it. It just got the ball rolling and now we are”
...continued (Clients - See Full Report)
FREE TRIAL
Firmer In Spots
(INSIGHT: pub. January 24, 2012; 3:30p EST)
Municipal bonds traded with a mixed tone today as the primary was generally well received:
”Most negotiated loans are getting oversubscribed and the bids on Wake were strong as well, which is leading this market to a better place,” a trader said. “At first I was skeptical that the term bonds on New York waters could get done at 3.97% but now we are hearing that bullet is oversubscribed for. Any bids-wants I’ve been following today are not getting the poor bids of”
...continued (Clients - See Full Report)
FREE TRIAL
Busy Primary & Wake County Loan Looming
(INSIGHT: pub. January 24, 2012; 10:30a EST)
Municipal bonds traded in mixed fashion but were generally range-bound this morning as the new-issue market takes center stage:
”Reads on yesterday’s retail deals are positive and we are seeing good interest in today’s offering as well,” a trader said. “We are curious to see how Wake County is bid given the recent market turbulence. With Treasuries seemingly staying put today there appears to be more money being put to work and we even see perhaps a”
...continued (Clients - See Full Report)
FREE TRIAL
Modest Losses
(INSIGHT: pub. January 23, 2012; 3:30p EST)
Municipal bonds declined in spots today as secondary activity never really picked up.
”Overall we are not seeing much trading this afternoon but the tone is definitely weaker and bids are scarce,” a trader said. “When we get some supply we’ll get a clearer picture. The market was so positive for the last month and then negative the last few trading sessions that we have not seen much two-way flow and that would be nice to see. We get the sense that there are still”
...continued (Clients - See Full Report)
FREE TRIAL
Slightly Weaker; NYC Water To Retail
(INSIGHT: pub. January 23, 2012; 10:30a EST)
Municipal bonds continued to trade with a weaker tone this morning but activity remained limited:
”We continue to see a lot of offerings out there at cheaper levels and the prints we’ve seen so far indicate weaker again,” a trader said. “Losses are less then what we had late last week but that may be a function of limited overall activity so far. New York City waters are in the market but only a”
...continued (Clients - See Full Report)
FREE TRIAL
More Selling Pressure Leads To Losses
(INSIGHT: pub. January 20, 2012; 3:30p EST)
Municipal bonds extended losses into the afternoon as selling pressure mounted and Treasuries weakened:
”Selling pressure started in the 10-year range but as the day progressed we did see more sellers out long,” a trader said. “We’ve posted one of the best January’s in a long time and clearly there has been some sticker-shock at these levels. Also keep in mind that there is a broader sense of confidence in the equities market and that might also start to”
...continued (Clients - See Full Report)
FREE TRIAL
Losses Resume
(INSIGHT: pub. January 20, 2012; 10:30a EST)
Municipal bonds declined yet again this morning but on lighter secondary activity:
”There are again a number of sellers out there and it is weakening the market,” a trader said. “From our vantage point, the large money managers that sold big yesterday are actually quiet at this point. Instead we see some dealers selling in here. It makes sense, these bonds have a lot of profit in them – they owned them for a month, ran up the market and now take some profit. Some guys are saying it is”
...continued (Clients - See Full Report)
FREE TRIAL
Municipals Sell-Off
(INSIGHT: pub. January 19, 2012; 3:30p EST)
Municipal bonds extended early morning losses into a full-on sell-off today as secondary selling pressure took its toll:
”Nothing goes in one direction forever,” a trader said. “Today we had a lot of bids-wanteds. As far as block bids-wanteds, not including anything under $1 million, we were just over $500 million around 1:30 this afternoon. That is really the largest number in six months. Money managers, dealers and cross-over accounts getting out of the market led the”
...continued (Clients - See Full Report)
FREE TRIAL
Wait For It...Cheaper
(INSIGHT: pub. January 19, 2012; 10:30a EST)
Municipal bonds declined slightly for the first time in over a month this morning:
”There were some early prints that for the first time were clearly a bit cheaper than yesterday’s levels,” a trader said. “We did not see the early morning inquiry that we have seen lately. Still, no major trends have shifted, we still have inflows and limited supply. But I think the ratios are starting to look less appealing and there is a growing consensus that these”
...continued (Clients - See Full Report)
FREE TRIAL
Modest Gains; New-Issues Do Very Well
(INSIGHT: pub. January 18, 2012; 3:30p EST)
Municipal bonds improved modestly today despite a fade in the Treasury market as the afternoon progressed:
”While the Street was less active today than it has been of late, the market continues to grind to lower and lower yields,” a trader said. “We contend that it continues to be more and more dealer-led, as was evidenced by today’s strong bids in the competitive market. But the reality is we have no real sellers or profit takers in here. I do think some dealer arbs have”
...continued (Clients - See Full Report)
FREE TRIAL
Firmer Out Of The Gates
(INSIGHT: pub. January 18, 2012; 10:30a EST)
Municipal bonds traded with a firmer tone this morning amid a reasonably busy primary market:
”Municipals continue to push it, but today it seems to be a bit less than previous trading sessions,” a trader said. “Still, we expect strong numbers on the day’s competitive loans. We also have a few high-grade negotiated sales along with some lower-rated hospital credits in the market so it gives some variety to pick from. As we continue to move lower though it will be interesting to watch the coupons on many of these sales as the”
...continued (Clients - See Full Report)
FREE TRIAL
Stronger Again Today
(INSIGHT: pub. January 17, 2012; 3:30p EST)
Municipal bonds posted gains again today but in a thinner secondary market to start the week:
”The trading is on the lighter side but still this market is being pushed to lower yields today,” a trader said. “We continue to see inquiry from a lot of different types of accounts but we must admit that the dealer community is starting to lead it more and more. We are having more conversations with people about where this thing ends and that tends to be a precursor to a rally actually ending. Still, the name high-grade names keep trading up bit by bit and the lower-rated stuff is really gapping tighter.”
...continued (Clients - See Full Report)
FREE TRIAL
Rally Out Long
(INSIGHT: pub. January 13, 2012; 3:30p EST)
Municipal bonds rallied today along with the Treasury market although the secondary did slow down somewhat this afternoon:
”The long-end is better, the intermediate is better and even the front-end has a firmer tone to it,” a trader said. “Right out of the gates this market was strong and it kept building. This afternoon is definitely slowed as dealers pulled offerings and desks emptied out for what used to be a half-day Friday.”
...continued (Clients - See Full Report)
FREE TRIAL
Very Strong Open
(INSIGHT: pub. January 13, 2012; 10:30a EST)
Municipal bonds rallied this morning along with Treasuries:
”It is crazy where some of this stuff is trading but it is really trading at these levels,” a trader said. “We are better again this morning and the movement in Treasuries is encouraging more money into this market if that is even possible. Usually things slow down ahead of a 3-day weekend but I think the expectation is that this keeps going next week so accounts continue to bid up the market.”
...continued (Clients - See Full Report)
FREE TRIAL
|
