With two near-billion-dollar competitive deals looming later this week, traders largely stood on the sidelines Monday, while tax-exempt yields were lowered by up to two basis points.

Pennsylvania was expected to auction $950 million of general obligation bonds Tuesday but delayed the sale until Wednesday. Most market participants said the sale was postponed to allow Illinois to come to market Tuesday with $800 million of GOs.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.