Volume in the tax-exempt market should jump back to pre-holiday levels this week, despite several days of municipal bond underperformance in the face of a powerful rally in Treasuries.
Industry estimates predict that muni issuance should total $9.60 billion, versus a revised $3.73 billion last week. The recovery in volume shows a muni bond market that continues to feed on strong investor demand for paper even at historically low yields, as well as an issuer community encouraged to refinance older debt.
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