Wall Street took somewhat of a breather this week as mixed economic reports had investors curbing recent bullish momentum. While small business optimism, U.S. retail sales, and domestic labor data all came in better-than-expected, equities pulled back Friday after a report showed a disappointing reading in consumer confidence. As investors continued to digest the data throughout the week, fixed income markets were in for some choppy trading sessions. Bond traders, however, remained relatively cautious ahead of next week's Federal Open Market Committee's meeting.
Weekly Overview:
Date | Total Trades | Dollar Volume | $1m+ Trades | S&P National Muni Bond Fund (MUB) Performance |
---|---|---|---|---|
Monday 03/11/2013 | 36,783 | $4,873,187,867 | 1216 | -0.27% |
Tuesday 03/12/2013 | 42,487 | $5,398,615,214 | 1291 | 0.08% |
Wednesday 03/13/2013 | 41,859 | $6,287,782,526 | 1558 | -0.22% |
Thursday 03/14/2013 | 41,645 | $6,115,958,182 | 1573 | -0.23% |
Friday 03/15/2013 | 37,182 | $5,220,944,814 | 1302 | 0.15% |
The municipal bond market had relatively active week, with trading volumes peaking on Tuesday. The iShares S&P National Municipal Bond Fund (MUB), which seeks to measure the performance of the investment grade segment of the U.S. muni bond market, traded within a narrow range the week, posting losses during three session [see more Market Activity].
Most Active Issues This Week
- UNIVERSITY WISCONSIN HOSPS AND CLINICS SERIES A (915260CD3): This issue exchanged hands 158 times on Monday.
- MARYLAND ST ST AND LOCAL FACILITIES FIRST SERIES A (574193HB7): On Tuesday, this issue's dollar volume topped $72,375,000 and it traded 333 times.
- NEW YORK NEW YORK CITY MUNICIPAL WATER FINANCE 2ND GENERAL RESOLUTION-FISCAL 2013 (64972GBU7): This issue exchanged hands 382 times on Wednesday, logging in an incredible dollar volume of over $63,205,000.
- MUNICIPAL ENERGY AGENCY OF NEBRASKA REFUNDING SERIES A (625914HZ2): This issue exchanged hands 231 times on Thursday, posting a dollar volume of over $10,885,000.
- CALIFORNIA ST VARIOUS PURPOSE (13063BP71): This issue exchanged hands 394 times on Friday, with dollar volume coming in over $86,275,000.
Highest Yielding Issues This Week
- PUERTO RICO COMMONWEALTH REFUNDING PUBLIC IMPROVEMENT SERIES A (74514LB89): This issue clocked in an average yield of 5.090% on Monday.
- PUERTO RICO ELECTRIC POWER AUTHORITY POWER SERIES NN (74526QAR3): This issue yielded of 4.633% during Tuesday's trading session.
- FRANKLIN COUNTY MISSOURI INDUSTRIAL DEVELOPMENT AUTHORITY REFUNDING PHOENIX CENTER II COMMUNITY IMPROVEMENT (35287PAB0): On Wednesday and Friday, this issue's yield came in at 5.035% and 5.004%, respectively.
- CALIFORNIA ST VARIOUS PURPOSE (13063BP71): This issue logged in a yield of 4.130% on Friday.
Million Dollar Club
These municipal bonds boasted some of the largest dollar trade amounts this week, all of which topped $5,000,000.
- NEW YORK ST DORMITORY AUTHORITY REVENUES NON CORNELL UNIVERSITY SERIES A (649905S23)
- MARYLAND ST ST AND LOCAL FACILITIES FIRST SERIES A (574193GX0)
- CHICAGO ILLINOIS O HARE INTERNATIONAL AIRPORT REFUNDING AMT GENERAL SENIOR LIEN SERIES A (167593GV8)
- KENTUCKY ECONOMIC DEVELOPMENT FINANCE AUTHORITY REFUNDING REPUBLIC SERVICES INCORPORATE PJ-B (49126RAD8)
- UNIVERSITY VIRGINIA UNIVERSITY REVENUES REFUNDING GENERAL SERIES A (915217VC4)