The municipal market was slow on Monday as traders gauged investor demand ahead of $11 billion of new issue volume expected this week. Some traders said poor economic data from Puerto Rico presented a buying opportunity for investors.
“We’ve got a very large calendar, with some unique deals,” a New York-based trader said in an interview. “It’ll be interesting to see how lots of supply going into Christmas will be met. I think there will be some buying if yields go up a little.”