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In the Muni-Bond Bazaar, Quotes Are Invitation to Negotiate

  • Study finds price quotes are 0.15% higher than executed trade
  • Majority of trades are at better prices than quotes: BondWave

In the $4 trillion municipal-bond bazaar, it would be unwise to pay the quoted offer price. 

Quoted prices for municipal bond offerings are on average 15 basis points higher than when a dealer subsequently buys them, according to a BondWave analysis of more than 400,000 municipal bonds that were offered on an electronic platform and then traded.