Prices for most municipal issues ended flat yesterday but with a better tone, as a Lehman Brothers group captured the $125 million San Francisco Airports Commission's competitive deal.

"We caught a bid this morning, and we were firmer," said Stephen Malfitano, managing director and head of municipal trading at Cowen & Co. Prices paid yesterday for some select original-issue discount bonds were well out in front of what you might normally think the bonds would be worth," he added. "I just think that for the right bond, for the right block of bonds with the right story to it, people are willing to pay a price," Malfitano said.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.