Muni yields were weaker Friday, as U.S. Treasuries saw losses out long and equities sold off.

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Ending a challenging week with ongoing geopolitical tensions and rising oil prices, muni yields were cut one to four basis points, depending on the scale.

The 10-year UST “bounced off” the 4.50% level, which helped with the smaller cuts on Friday compared with Tuesday’s sell-off, said Jock Wright, an underwriter at Raymond James.

Additionally, the absence of sizable issuance on Friday allowed the market to hang in there a bit. Supply also slows next week, which should provide additional support, he said.

Furthermore, there could be some short covering heading into the weekend, as people may not want to be short during that time, which may be part of the reason “we’re not going down too much,” Wright said.

New-issue calendar
The new-issue calendar is an estimated $6.863 billion, with $5.473 billion of negotiated deals on tap and $1.389 billion of competitives.

The Black Belt Energy Gas District leads the negotiated calendar with $1.065 billion of gas revenue bonds.

The competitive calendar is led by the University of Houston System Board of Regents with $368 million of consolidated revenue and refunding bonds.