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Market Post: Munis Quiet During Holiday-Shortened Session

The tax-exempt market traded steady and quiet on New Year's Eve as most traders were already looking ahead to 2013.

"There is nothing going on," a New York trader said.

The Securities Industry and Financial Markets Association recommended bond markets close at 2 p.m. EST Monday.

In the primary market this week, $161.3 million of tax-exempt bonds are expected to come to market, up from last week's revised $14 million. In negotiated deals, $156.9 million of bonds are expected to hit the market, up from last week's revised $14 million. On the competitive calendar, $4.4 million is expected, up from no reported deals last week.

The Municipal Market Data scale ended stronger for a second session Friday. The 10-year yield fell two basis points to 1.72%. The 30-year yield was steady at 2.83% for the fifth session while the two-year closed flat at 0.31% for the eighth consecutive session.

Treasuries were weaker on news that a fiscal cliff deal might be reached by the end of the day. The benchmark 10-year yield and the 30-year yield jumped three basis points each to 1.74% and 2.91%, respectively. The two-year yield increased one basis point to 0.26%.

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