A market in which the supply of an asset swamps demand to the point that prices fall below the level expected under normal circumstances. Occasionally, several large new issues of municipal bonds will be marketed at the same time, thereby creating a buyers' market that causes underwriters to raise yields. A buyers' market in municipal bonds results in a narrowing of the gap between the yields on these tax-exempt securities and the yields on U.S. Treasury bonds, which are taxable. Compare sellers' market.
