Municipal bonds on Wednesday added on to the gains made during Tuesday’s rally while several new deals came to market in a kickoff to this holiday-shortened trading week.

Impact over the geopolitical concerns about Italy and Spain continued to be evident in the market.

“What you saw yesterday was somewhat or a replay of what we saw in Brexit two years ago,” John Mousseau, managing director of municipals at Cumberland Advisors said on Wednesday morning.

There was a swift reaction by equity markets and a flight to quality in U.S. Treasury debt with a backdrop of geopolitical concerns in Italy and Spain, he noted.

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