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Muni Buyers Pounce on Profusion of Bond Sales Ahead of Fed Cut [BNN Bloomberg (Canada)]

Siebert Financial Corp. (SIEB) 
US:NASDAQ Investor Relations: siebertnet.com
Company Research Source: BNN Bloomberg
States and local governments sold more than $14 billion of debt in the week ended Friday, one of the largest weekly amounts of the year and 79% more than the five-year weekly average, according to data compiled by Bloomberg. Borrowers are rushing to market ahead of potential volatility before the US presidential election in November. Long-term municipal bond issuance is up more than one-third over 2023's pace. “These next couple of weeks are basically the last chance to stock up on decent yields,” said Dora Lee, research director at Belle Haven Investments. She said that recent transactions, including one by New York City, garnered healthy demand from investors. Read more from Bloomberg Intelligence: Munis Pack Up Supply Ball and Go Home Ahead of Fed Rate Move New York City's Transitional Finance Authority lowered yields one to seven basis points on its $1.5 billion tax-exempt bond deal, as investors place orders for almost three times the amount of bonds available, depending o Show less Read more
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