While a somber mood fell over Wall Street as the finance industry reflected on the devastating terrorist attack 17 years ago, the municipal market attracted pickup in supply and some cheaper prices on new deals, according to John Mousseau, chief executive officer of Cumberland Advisors.
“You can get 4% if it’s a new deal, goes out mega long or maybe has an A rating,” Mousseau said Tuesday afternoon, after attending a 9/11 remembrance ceremony in Sarasota, Fla., where Cumberland president David Kotok recalled his memories at the World Trade Center that day.
“The real point is that the long end of the muni market is still dirt cheap, while the front end is ridiculously rich,” he said, calling it “the tale of two ratios.”
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