Taylor Riggs

The tax-exempt market ended the last trading session of March on a stronger tone with yields on municipal bond benchmark scales falling as much as two basis points Thursday.

The tax-exempt market ended stronger on this holiday-shortened week as minimal new issue supply pushed bond prices higher.

Trading in the tax-exempt market was busier than expected on a holiday-shortened session as dealers were rushing ahead of the early 2 p.m. close.

Standard & Poor's shook the municipal bond market by downgrading Puerto Rico Aqueduct and Sewer Authority to junk status in what was an otherwise quiet week.

The fallout of the downgrade of Puerto Rico's Aqueduct and Sewer Authority to junk status continued Wednesday afternoon as secondary trades continued to post losses.

With the majority of the week's primary offerings already priced, traders focused on the downgrade of Puerto Rico Aqueduct and Sewer Authority.

The primary market took all the focus in the municipal bond market Tuesday.

With limited primary pricing wires released into the market, muni traders said Tuesday’s activity was on par with Monday’s low trading volume.

Even with the majority of new issues expected to price Tuesday, municipal bond traders said the market still felt quiet on this holiday-shortened week.

Typical for a holiday-shortened week, the municipal bond market kept a low profile Monday as traders said there was very little trading volume.

Traders appeared to be in vacation mode Monday afternoon as trading remained quiet at the start of this holiday-shortened week. And most market participants said activity wasn't likely to pick up anytime soon.

The municipal bond market opened like a typical quiet Monday with very little trading, even with a weaker Treasury market on news that Cyprus secured a bailout.

The municipal bond market ended a mixed week on a stronger note Friday despite traders noting activity was subdued with the March Madness tournament just beginning.

Traders in the municipal bond market were more concerned about March Madness than trading tax-exempts as activity was quiet.

The tax-exempt market grew firmer this week as deals were priced to go in what was one of the largest primary slates of the year.

After what was one of the largest weeks in the primary market, tax-exempts took a break Friday morning as traders said activity was very quiet.

After a rally in the municipal bond market stemming mostly from woes in Cyprus, tax-exempts started to cool off Thursday in what traders described as a mixed session.

With most of the week's primary issuance out of the way, traders focused on the secondary market Thursday.

New York's Metropolitan Transportation Authority priced Thursday morning, wrapping up a list of large deals this week that have been relatively well received.

The biggest deals priced for institutions in the municipal bond market Wednesday and took much of the focus, though traders also kept their eyes on the Federal Open Market Committee announcement.