Nov 30 Sales of municipal bonds and notes slowed
to $23.7 billion in November, the slowest month this year and
less than half of October's record high, according to Thomson
The slump in new issuance came during a month peppered by
holidays and the U.S. presidential election. In October, $51.6
billion of new sales came to market, the biggest month of
issuance since records began in the 1980s.
Bond issuers also canceled some deals in November as market
volatility spiked and yields surged after the surprise Nov. 8
election of Donald Trump as president.
"The combination of a selloff in Treasuries affecting fixed
income in general and a less active primary market caused much
of the activity to go elsewhere," Janney Fixed Income Strategy
reported on Wednesday.
Municipal supply had been surging in recent months as state,
city and other public agencies eagerly sold bonds and notes at
low interest rates.
(Reporting by Robin Respaut; Editing by James Dalgleish)