After a particularly active front half of the week, the primary markets will fade off on Thursday as the week draws to a close. The headline New York City deal tightens in secondary trading on Thursday morning. Below, what you need to know for the day.
Primary -
- No competitive issuances scheduled over $10 million.
- No negotiated issuances scheduled over $40 million.
Secondary -
The newly issued New York City Sales Tax Asset Receivable Corporation bonds dominated secondary market activity, driving yields down even further after a reprice during initial pricing on Tuesday.
- Yields on the 5s of 2026 fell to 2.42% from an initial offering yield of 2.52% in round lot trading on Thursday morning. Over $30 million of this particular maturity had been traded as of 9:33am Thursday morning.
- Yields on the 3s of 2029 dropped to 3.04% from an initial offering yield of 3.1% in round lot trading on Thursday as well. Over $20 million of the 3s of 2029 had been traded on as of 9:33am Thursday morning.
- Yields on the 5s of 2030 tightened to 2.69% from an initial offering yield of 2.79% in round lot trading on Thursday. Over $25 million of this security had been traded as of 9:33am Thursday morning.
- Yields on the 5s of 2031 dropped to 2.75% from an initial offering price of 2.85% in round lot trading. $23 million of this security had been traded on Thursday morning at the time of publication.
- Yields on the 5s of 2029 strengthened to 2.65% from an initial offering price of 2.73% after $9.9 million of the particular security had been traded on Thursday morning.
All data collected from Municipal Securities Rulemaking Board's disclosure website, EMMA.
Scales -
Municipal Market Data's triple-A 5% curve had not been update from Wednesday evening.
Treasury Markets -
Treasuries strengthened in overnight and morning trading sessions on Thursday. Yields on the two-year fell just one basis point to 0.58% from Wednesday's close, while the 10- and 30-year each dropped four basis points to 2.53% and 3.24%, respectively.
