Municipal Bond Volume and Count Recover to June Levels

Bid depth hit 4.1 twice in June, on the 17th and the 29th. Those two days read nothing alike. On the 17th execution fell right with it, down near 45%. Fewer bids per item, and the ones that showed up sat low, so less cleared and it cleared worse. Price discovery, the hard way. The 29th sat on that same 4.1 floor. But about 57% still traded. Bids were thin and buyers took what they could get anyway. Quarter-end is doing that. Reinvestment cash is running roughly 40% above last year against negative net supply, so there's more money than paper and execution holds even when depth doesn't. Both firmed into June 30. MBIS, Municipal Bond Information Services tracks them daily. Worth watching whether execution stays this sticky once July cash clears. #municipalbonds #munimarket #creditanalysis #financialdata

Offering supply has run full again since mid-July. Two air pockets sit behind it: July 2 halved to $25M for the long weekend, and July 9 dipped to $34M, both with counts falling in step. Read those as the calendar clearing out, then refilling. The last three sessions closed near $53M a day on more than 200,000 items, back to the late-June high. The 07/14 tape paired $56M with 217,000 items. High volume on high count like that is a broad book of ordinary-size deals, so buyers have plenty to work through. Demand still outweighs it. This week's new-issue calendar runs about $7.2B against August redemptions near $51B, and that reinvestment cash keeps clearing the offerings. Worth watching whether supply holds once the cash fades into September. MBIS, Municipal Bond Information Services tracks the daily count. #municipalbonds #fixedincome #bondmarket #financialdata

Accrued interest normally runs in one direction: the buyer compensates the seller for the portion of the coupon period the seller has already earned. UK gilts contain an exception that reverses this. Each gilt goes ex-dividend seven business days before its coupon is paid, and entitlement to that coupon is fixed on the ex-dividend date. Whoever holds the gilt on that date receives the full coupon, regardless of what happens next. So a seller who sells during the seven-day window has already secured the coupon, even though the bond leaves their hands before it is paid. The buyer takes ownership for those final days but receives none of the coupon. The accrued interest calculation therefore flips from backward-looking to forward-looking: instead of the buyer paying for days already elapsed, the seller rebates the buyer for the days remaining until payment. That rebate makes accrued interest negative, and it is deducted from the purchase price rather than added to it. Any pricing or reference data system that assumes accrued interest is always positive will misprice gilt trades that settle in the ex-dividend period. #FixedIncome #Gilts #BondMarkets #ReferenceData #CapitalMarkets

Auction pricing also pointed to a mild tightening in bid dispersion, particularly at the long end, where the 364-day bid range narrowed to 377bps from 500bps previously, suggesting a modest convergence in pricing expectations. At the mid-tenor, however, bid spreads widened slightly to 155bps from 150bps, while the 91-day remained unchanged at 250bps. Overall demand improved by 9.09% relative to the previous auction, but the DMO adopted a more selective allotment stance, selling ₦1.06tn, equivalent to 52.36% of total subscriptions and 28.60% lower than the prior sale volume. That combination suggests a clear cost-management bias by the issuer despite robust demand at prevailing rates. #fixedincome #nigeriamarkets #bonds #treasurybills #liquidity #yieldcurve #investing #financialmarkets #marinatimes

Robbie Coakley in the Business Post highlights the diverse range of buyers active in the market and the supply shortage of suitable assets to meet this demand is resulting in disappointed underbidders https://lnkd.in/dyN4wUt2 Tina-Marie O'Neill

𝐂𝐨𝐧𝐜𝐞𝐩𝐭 1 : 𝐏𝐫𝐢𝐜𝐞 𝐚𝐧𝐝 𝐌𝐨𝐯𝐢𝐧𝐠 𝐀𝐯𝐞𝐫𝐚𝐠𝐞 https://lnkd.in/dVVnC_AE Watch the video to understand relation of price & Moving Average. #nse #nifty #priceaction #stockmarket

Most sellers celebrate the number. Experienced advisers read the terms. Because the terms show: How much gets paid now. How much is delayed. How much depends on the buyer’s future plan. How much risk the seller is still carrying after closing. A high price with weak terms can quietly become a weak deal. A slightly lower price with clean terms can sometimes protect the seller better. The headline number matters. But it is not the whole deal

Two weeks ago we wondered whether execution would stay sticky once July reinvestment cash cleared. It has. Since July 2, the share of bid-wanted items that trade has held in the low-to-mid 50s, never slipping below the high 40s even on the softer days. Bid depth climbed right along with it, back to 4.7 on the 15th, close to the July 2 high. Deep bids and steady clearing at the same time is what a healthy secondary looks like. Sellers put paper out and it moves without much concession. The summer redemption peak is doing the work. July and August are when reinvestment cash runs hardest, and it's landing against a manageable calendar, so buyers stay aggressive. MBIS, Municipal Bond Information Services publishes both daily. The read gets more interesting into September, when supply builds and this cash starts to fade. #municipalbonds #bondmarket #publicfinance #muniland

A price reduction and a closing-cost credit can have the same estimated cost to a seller—but they do not create the same buyer response. One changes how the listing competes in search results. The other may address the financial obstacle preventing an interested buyer from submitting an offer. Choosing between them requires more than watching days on market; it requires understanding where engagement is breaking down. Our latest article examines how listing visibility, showing feedback, financing limitations, appraisal support, and net proceeds should shape the decision. Read the full analysis: https://lnkd.in/eBCGFUXj #RealEstateStrategy #SellerConcessions #PricingStrategy #CoastalVirginia #HamptonRoadsRealEstate #SalyerWilmothHomes

A lower rate can help. But waiting is not the only way to get there. In some cases, seller concessions or a rate buydown may help create the lower payment buyers are hoping for — without waiting on the market to change.