Taylor Riggs

The municipal bond market was focused on the two largest deals pricing for institutions Wednesday, but traders said the market was mostly in limbo until Federal Reserve Chairman Ben Bernanke speaks this afternoon.

Interdealer trading has been on the rise recently, extending what has been a year-long streak of higher par value and total number of trades into 2013.

East coast issuers were stealing all the attention Wednesday as New Jersey Turnpike Authority, New York City Transitional Finance Authority, and Massachusetts were all expected to hit the market with a large amount of bonds.

The biggest deals in the municipal bond market priced for retail Tuesday and while traders were focused on the primary market, most of the attention went to a firmer Treasury market as Cyprus woes continued.

The municipal bond market seemed to be purely driven by Treasuries Tuesday afternoon as traders said that without a Treasury rally, the market would not have as much confidence.

The tax-exempt market continued to firm Tuesday morning after an overall risk off trade pushed bonds higher Monday.

The municipal bond market ended a few basis points stronger Monday, reversing a two-week losing streak as Eurozone woes pushed fixed income assets higher.

Fears resurfacing over the Eurozone and Cyprus banks Monday morning pushed fixed-income assets higher on a global risk off trade.

The municipal bond market ended mostly steady Friday after a two-week long selloff that pushed yields up double digits.

Tax-exempts continued to cheapen Friday afternoon as traders said munis separated from Treasuries and were not following their taxable counterparts higher.

The tax-exempt market cheapened the week ended March 15 as underwriters priced deals with concessions.

Activity in the tax-exempt market started to slow Friday morning after a hectic week in the primary.

After what appeared to be strong retail demand for California general obligation bonds in the primary market Tuesday and Wednesday, the state faced headwinds with institutional buyers Thursday.

Yields on the California deal were increased as much as 15 basis points in institutional pricing Thursday as traders said the price cuts were a signal of overall weakness in the general market.

With most of the primary issuance behind it, the municipal bond market turned its attention to the California deal pricing for institutions Thursday.

California priced for retail the largest deal of the week Tuesday amid a more constructive tone in the overall market.

California led the primary market Tuesday afternoon with $2.16 billion of tax-exempt bonds pricing for retail and indications of interest on almost $600 million of taxable debt.

The market turned its eyes to the West Coast Tuesday morning as California was expected to price for retail $2.15 billion of tax-exempt bonds and took indications of interest on almost $600 million of taxable debt.

The New York City Municipal Water Finance Authority kicked off this week's primary calendar with a retail pricing Monday that looked expensive in the midst of an overall softer market.

The New York City Municipal Water Finance Authority kicked off what could be one of the larger primary calendar weeks in 2013 with a retail order period Monday.