Munis see gains to start week
Municipals were firmer Monday as short-term U.S. Treasuries were weaker and equities ended up.
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Muni yields were bumped up to five basis points, depending on the scale.
With such a small new-issue calendar this week, Monday’s firmness comes from accounts that “have to buy stuff,” said Sweta Singh, founding partner and portfolio manager at City Different Investments.
The extended strength comes as the market celebrates how October ended, with the recovery erasing some of September’s losses, she noted.
For instance, the front end of the curve has given back almost all of the selloff, Singh said.
New-issue market
In the primary market Monday, Raymond James priced for the Hudson County Improvement Authority, New Jersey, (/AA//) $132.815 million of county secured lease revenue refunding bonds, with 5s of 5/2027 at 2.57%, 5s of 2031 at 2.80%, 5s of 2036 at 3.18%, 5s of 2041 at 3.82%, 5s of 2046 at 4.31% and 5.25s of 2051 at 4.65%, callable 5/2036.
