This past week experienced the typical Municipal bond market summer as everyone seemed to be on vacation. Volume was very light not only in the cash market but also the Municipal closed end fund market.
The Bloomberg Municipal index had a return of .04%, the Bloomberg Long term municipal index returned -.10% and the First Trust Municipal closed end fund index returned -.23%.
Looking forward to next week, a very light new issuance calendar and Municipal bond ratios to US Treasuries back above 100% should help the Municipal bond market regain some of the relative performance.
Comments