NEW YORK — The California municipal market was unchanged with a slightly firmer tone Monday amid fairly light secondary trading activity.
"There are some bits and pieces trading, but the secondary is pretty quiet on the whole," a trader in Los Angeles said. "You can maybe pick up a basis point here and there depending on what you're trading, but there just isn't a whole lot of interest. It's a bit of a slow start to the week."
The Municipal Market Data triple-A scale yielded 2.81% in 10 years Monday, down two basis points from Friday's 2.83%, while the 20-year scale yielded 4.02%, even with Friday. The scale for 30-year debt was also unchanged, at 4.36%.
Monday's triple-A muni scale in 10 years was at 95.6% of comparable Treasuries and 30-year munis were at 102.6%, according to MMD. Meanwhile, 30-year tax-exempt triple-A general obligation bonds were at 110.1% of the comparable London Interbank Offered Rate.
The Treasury market was stronger Monday. The benchmark 10-year note was quoted recently at 2.94% after opening at 3.00%. The 30-year bond was quoted recently at 4.25%, after opening at 4.32%. The two-year note was quoted recently at 0.45% after opening at 0.47%.
The economic calendar was light Monday.
Activity in the California new-issue market was light Monday.
Previous Session's Activity
The most actively traded security in the state yesterday was taxable California BABs 7.7s of 2030, which traded 248 times at a high of 104.076 and a low of 100.592.
