While October is typically a busy issuance month, 2022 is not shaping up to be as more issuers are sidelined by volatility. The primary market will see another light calendar in the holiday-shortened week.
Bids wanteds are on the rise, but a constructive secondary market showed a steady to firmer market in the past two sessions. ICI's latest outflows figure is the highest since June.
Munis open October firmer, underperforming a UST rally, but September closed out the month with 3.84% losses the single largest monthly loss since September 2008.