Although gross underwriting spreads on municipal bond deals remain slim, it appears that spread trends have once again been reversed in the second quarter.

In the first quarter of this year, the average spread garnered from a negotiated bond deal was $10.40 per $1,000 par value, while the spread on a competitive offering was $11.44. In general, the underwriting spreads that have been earned on negotiated bond deals were always much higher.

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