Municipal Market Update: COVID-19 Impact Worsens
The municipal market was not functioning normally today (March 12th); very little pricing or trading activity occurred. Yields and M/T ratios continued to rise (as indicated) and the ability to execute negotiated pricings has come into question. Some issues were priced at the beginning of the week, but now the ability for the market to be accessed remains questionable. Price discovery remains a key challenge now as investors have backed off because of the uncertainty they face most likely.