Munis and USTs little changed as markets await ceasefire news

Munis were quiet on Monday, with little movement in U.S. Treasuries and equities ended lower, as markets waited to hear whether the U.S.'s ceasefire with Iran would be extended.

The market is experiencing a "calm before a potential storm," said Chris Brigati, managing director and CIO at SWBC. A period of quiet before an expected announcement has become common, Brigati said, but he doesn't expect major movement in munis Tuesday.

"I think the market is getting used to [the war], to some degree. So unless the news is outside the sphere of expectations of what could possibly be expected, I don't expect a very large market reaction," Brigati said. "So, I do think there has been some sense that the market is able to operate with a little bit higher degree of chaos than normal."

New-issue market
In the competitive market Monday, Stearns County, Minnesota, (/AA+//) sold $283.395 million of GO sales tax revenue bonds, to BofA Securities, with 5s of 12/2027 at 2.38%, 5s of 2031 at 2.63%, 5s of 2036 at 3.10%, 5s of 2041 at 3.49%, 4s of 2046 at 4.22%, 4.375s of 2051 at 4.47%, and 4.375s of 2055 at 4.58%, callable 12/1/2036.