Municipal Bonds Show Improvement
Munis firmer out long, with strategists at Birch Creek believing the wider new issue concessions will likely be rewarded as the technical picture turns more favorable in November and December.
Municipal bonds were firmer out long on Tuesday, with USTs richening 10 years and in, and equities ending mixed. The muni-UST ratios were as follows:
- Two-year: 67%
- Five-year: 65%
- Ten-year: 70%
- Thirty-year: 90%
Munis continued their underperformance last week for the second consecutive week, led once again by front-end weakness
said Birch Creek strategists. Jason Wong, vice president of municipals at AmeriVet Securities, noted that the front end saw 2026-2029 maturities experience a two to five basis point cut, while the rest of the curve saw yields bumped one to five basis points.
Author's summary: Munis show improvement as technical picture favors bonds.
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