All Blog Posts (101)

w/i Mar 17, 2014 Trading

Janet Yellen’s comments regarding the timing of increasing the Federal Funds rate as about six months after the conclusion of QE3 resulted in municipal benchmark yields increasing, particularly across the front end of the curve.

Added by Rockfleet Financial Services Inc on March 24, 2014 at 12:31am — No Comments

w/o Mar 10, 2014 Trading

Last week, demand remained strong and the market absorbed the $11.4 billion new issue calendar. The $3.5 billion Puerto Rico transaction was well-received and traded well in the secondary market. Most transactions were bumped at final pricing and some were upsized (e.g., California GO, Chicago GO, and Connecticut GO fixed rate), as investors continue to seek tax-exempt paper. Rate rallied and moved well with Treasurys. 2-, 10-, and 30-year Treasurys ended the week at 0.355%, 2.65%, and…

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Added by Rockfleet Financial Services Inc on March 16, 2014 at 7:56pm — No Comments

w/o Mar 3, 2014 Trading

Yields on 10-year Treasury notes climbed to the highest levels since September, rising 14 bps to 2.79%, as the number of new jobs added in February, 175,000, surpassed expectations. The economy added the most jobs since November, although unemployment rose to 6.7% from 6.6%. Bill Gross of PIMCO tweeted that investors should “sell what the Fed has been buying because they won't be buying them when Taper ends in Oct.” There is approximately $11 billion in new issuance expected to price this…

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Added by Rockfleet Financial Services Inc on March 16, 2014 at 7:30pm — No Comments

w/o Feb 17, 2014 Trading

Last Week’s Trading

The trend of low issuance and light trading continued last week, as the market saw municipals outperforming Treasurys. From the previous Friday, the 2-year, 10-year and 30-year Treasury yields gained 1, 3, and 0 bps, respectively.

Negotiated Market

Last week, Rockfleet was selling group member in the $400mm NYC MTA transaction. Yields offered during institutional pricing were two to three bps lower than in the retail order period. The 5% and 5.25%…

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Added by Rockfleet Financial Services Inc on February 23, 2014 at 8:14pm — No Comments

w/o Feb 10, 2014 Trading

Last Week’s Trading

Demand remained strong in the municipal market, while supply remained low, keeping municipal-Treasury relative value ratios low. Fed Chair Janet Yellen stressed continuity from the previous FOMC, resulting in a positive reaction from the equity markets. The 10-year and 30-year Treasury yields were 2.75% and 3.70%, respectively.

Negotiated Market

Last week, many deals were oversubscribed and prices were adjusted upward. This week’s negotiated…

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Added by Rockfleet Financial Services Inc on February 23, 2014 at 7:17pm — No Comments

w/o Feb 3, 2014 Trading

Last Week’s Trading

Demand continues to outweigh new issue supply. The MMD triple-A 30-year scale ended the week at 3.84%.

Negotiated Market

This week’s negotiated supply is expected to be approximately $2.65 billion.

Added by Rockfleet Financial Services Inc on February 10, 2014 at 2:16am — No Comments

w/o Jan 27, 2014 Trading

Last Week’s Trading

Last week’s trading was quiet; issuance remained low. Yields on the 10-year and 30-year MMD AAA scales gained 6 and 5 bps, respectively, ending January’s rally. The Fed announced its reduction of bond purchases by $10B per month.

Negotiated Market

This week’s negotiated supply is expected to be approximately $4.47 billion. The State of Illinois $1B GO bond transaction is the largest this week.

Added by Rockfleet Financial Services Inc on February 8, 2014 at 4:49pm — No Comments

w/o Nov 25, 2013 Trading

Both the primary and secondary markets were relatively quiet, due to the Thanksgiving holiday. Muni prices were higher for the week. The MMD AAA 10-year fell 1 bps and the 30-year yield fell 4 bps. Treasurys were flat to firmer.

Added by Rockfleet Financial Services Inc on February 8, 2014 at 4:48pm — No Comments

w/o Nov 11, 2013 Trading

Last Week’s Trading

The municipal market ended firmer for the week, due to strong demand in both the primary and secondary market.

Negotiated Market

Rockfleet was selling group member in the $397mm NYC Municipal Water Finance Authority transaction. The 5% of 2046 were sold at 4.75%, and the 4.625% of 2046 were sold at 4.808%.  The bonds are rated Aa2/AA+/AA+.

Rockfleet is selling group member in the $326mm Chicago Midway transaction, which has tax-exempt…

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Added by Rockfleet Financial Services Inc on February 8, 2014 at 4:48pm — No Comments

w/o Oct 14, 2013 Trading

Wednesday and Thursday saw a fair amount of activity as new issues were priced and well received. Tax exempt rates remained stable throughout the week on light supply and a stronger Treasury market.

  • Tuesday. The tax exempt market traded slightly weaker, following a softer Treasury market. Limited supply could not keep rates steady as MMD triple-A yields increased 2 to 5 basis points from 2020 through 2043. Uncertainty over debt ceiling negotiations in Washington, the…
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Added by Rockfleet Financial Services Inc on February 8, 2014 at 4:47pm — No Comments

w/o Oct 7, 2013 Trading

Monday. Activity was extremely quiet as market participants concerned over the ongoing government shutdown and debt ceiling debate remained on the sidelines. Lack of economic data provided by the government has added to the cautious tone. U.S. Treasury prices remained range-bound, closing at 2.65% and 3.70% in 10 and 30 years. MMD triple-A yields were unchanged on the day, closing at 2.54%, 3.74%, and 4.11% in 10, 20, and 30 years.

Tuesday. The municipal market remained…

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Added by Rockfleet Financial Services Inc on February 8, 2014 at 4:44pm — No Comments

w/o Sept 30, 2013 Trading

A light new issue calendar kept the municipal market steady for the week. Activity was on the light side as the current low rate environment has pushed investors on the sidelines. The primary market provided some guidance as various issues were priced.

  • Monday. Market activity was quiet as the 3rd quarter came to a close. The last 3 trading sessions, including Monday, had investors and market participants on the sidelines as MMD triple-A yields have fallen 48,…
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Added by Rockfleet Financial Services Inc on February 8, 2014 at 4:44pm — No Comments

w/o Sept 23, 2013 Trading

Although bond fund outflows continue, MMD triple-A yields have fallen 48, 50, and 34 basis points in 10, 20, and 30 years since September 1st.

  • Monday. The tax exempt market continued to strengthen, following the previous week’s gains. A stronger Treasury market and limited supply have increased investor demand for current yields, as rates have headed significantly lower over the past 1½ weeks. U.S. Treasury prices firmed as yields in 10 and 30 years decreased 3…
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Added by Rockfleet Financial Services Inc on February 8, 2014 at 4:43pm — No Comments

w/o Sept 9, 2013 Trading

Activity was lackluster early in the week but increased in later sessions as attractive yields lured investors to purchase bonds, giving the market a firmer tone. New issues saw good demand as various deals were re-priced with lower yields, contributing to the firmer tone.

  • Monday. The municipal market extended slight gains from Friday’s session, aided by a firmer Treasury market. Concerns over a possible U.S. military strike against Syria pushed Treasury yields lower as…
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Added by Rockfleet Financial Services Inc on February 8, 2014 at 4:43pm — No Comments

w/o Aug 26, 2013 Trading

Municipals ended firmer for the week, after eights weeks of losses.

Monday. Activity in the tax exempt market was quiet as market participants were awaiting the week’s new issues for market guidance. Increased bond fund outflows, potential stimulus tapering and general market uneasiness has created a weaker tone as some market participants remain tentative as higher rates loom. U.S. Treasury prices firmed as the 10 year note and 30 year bonds fell 3 basis points over the…

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Added by Rockfleet Financial Services Inc on February 8, 2014 at 4:42pm — No Comments

w/o Aug 19, 2013 Trading

As has been the case in recent weeks, yields were lowered on shorter maturities of most issues as investors look to shorten duration in anticipation of higher yields, while yields were raised on intermediate and longer maturities to attract buyers.

  • Monday. The tax exempt market closed slightly weaker as municipal yields followed Treasury yields higher. Secondary activity was light but retail order periods were held on a few issues in the primary market. U.S. Treasurys…
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Added by Rockfleet Financial Services Inc on February 8, 2014 at 4:41pm — No Comments

w/o Aug 12, 2013 Trading

Tax exempts followed Treasurys lower all week on news of possible QE tapering by the Federal Reserve in September and the underlying market tone that rates will continue to rise. New issue volume was manageable, but deals still needed price concessions to complete transactions. Continued municipal bond fund outflows also contributed to the softer tone. Investors appear to be shortening duration waiting for long end of the yield curve to stabilize. MMD triple-A yields closed the week at…

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Added by Rockfleet Financial Services Inc on February 8, 2014 at 4:40pm — No Comments

w/o Jul 22, 2013 Trading

The market stabilized towards week’s end as investors took advantage of attractively priced issues and a relatively light calendar. Investors appear to be purchasing bonds within 8 years as they shorten duration, and are benefitting from extremely attractive municipal/Treasury ratios, as municipals have underperformed their Treasury counterparts. Mid-week, ten and thirty year municipal/Treasury ratios were 106% and 118%, respectively. Attractive yields can be found in the intermediate and…

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Added by Rockfleet Financial Services Inc on February 8, 2014 at 4:40pm — No Comments

w/o July 8, 2013 trading

The general theme for last week was that new issues were priced attractively and were met with solid demand from retail, institutional, and crossover buyers. Although underwriters lowered yields on various issues, demand remained strong.

  • Monday. The municipal market traded cheaper, following Friday’s sell-off, on a better than expected employment report for the month of June. Activity was relatively quiet as market participants were back at work following the long Fourth…
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Added by Rockfleet Financial Services Inc on July 28, 2013 at 8:25pm — No Comments

w/o July 1, 2013 Trading

  • Monday. Activity was quiet in the municipal market to start the holiday-shortened week. Bonds traded steady as a couple of deals entered the primary market before Wednesday’s recommended early close. U.S. Treasury prices firmed as yields in 10 and 30 years dropped 2 and 4 basis points, closing at 2.50% and 3.48%. MMD triple-A yields remained unchanged closing at 2.56%, 3.58%, and 3.83% in 10, 20, and 30 years.
  • Tuesday. The tax exempt market traded steady as…
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Added by Rockfleet Financial Services Inc on July 7, 2013 at 8:55pm — No Comments

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