"Ugly" was the adjective du jour yesterday as municipal bond prices lost another point. Treasuries, meanwhile, incurred only minor losses.
"There are zero buyers and lots of redemptions, and just one hell of a negative sentiment," one municipal trader said. "It just doesn't stop -- it seems like you can't give bonds away." In light secondary activity, yields on highgrade issues rose seven basis points overall, and by as much as 10 basis points on the long end. Dollar bonds lost 1 1/4 points, a municipal analyst said.