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Bids have waned for the troubled island's commonwealth and electric power authority debt, leaving traders to wonder if buy-side participants, who have dominated trading in Puerto Rico, believe the debt is nearing a top.
By Kate SmithAugust 20 -
MMD was unchanged on Tuesday despite weakness in Wake County, N.C.'s general obligation pricing. While the deal came on top of MMD up to its 10-year maturities, spreads rose as high as 37 basis points above MMD between the deal's 12 and 20 year durations.
By Kate SmithAugust 19 -
Wake County, N.C.'s general obligation issue was priced tight to Municipal Market Data's triple-A scale, as the market expected of the high-quality deal.
By Kate SmithAugust 19 -
Puerto Rico's general obligation bonds continued to strengthen in trading on Monday after news that its electric power authority had at least delayed a seemingly inevitable restructuring.
By Kate SmithAugust 18 -
New York City's general obligation deal on Wednesday surprised the market with its popularity. Institutional normally prices the city's large issuers cheaply compared to comparables thanks to its frequent availability in the market place.
By Kate SmithAugust 15 -
Bondholders finally exhaled as the Puerto Rico power authority's critical LOC was extended, strengthening prices on PREPAs debt to 50.
By Kate SmithAugust 15 -
PREPA receives strong bids as the market awaits information surrounding the its critical two letters of credit.
By Kate SmithAugust 14 -
The municipal and Treasury markets both strengthened Thursday, particularly in the long end. Traders expect the rally to continue, as the market picks up investors fleeing Europe.
By Kate SmithAugust 14 - New York
Traders thought the New York City deal was all too predictable, assuming heavy retail and muted institutional interest in the headline deal that concluded its pricing on Wednesday.
By Kate SmithAugust 13 -
Wednesday morning's market was mixed as traders waited for institutional pricing of New York City's general obligation deal to come from Bank of America.
By Kate SmithAugust 13