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.
“The market is dead,” a Chicago trader said.
On Thursday, municipal bond market scales ended weaker for a second session.
Yields on the Municipal Market Data triple-A GO scale ended steady. The 10-year yield and 30-year yield were flat at 1.95% and 3.10%, respectively. The two-year finished flat at 0.31% for the 23rd consecutive session.
Yields on the Municipal Market Advisors 5% coupon triple-A benchmark scale also ended as much as one basis point higher. The 10-year yield was steady at 2.01% for the second session while the 30-year yield rose one basis point to 3.20%. The two-year held at 0.33% for the 18th session.
Treasuries were slightly weaker Friday morning. The benchmark 10-year yield and the 30-year yield rose one basis point each to 1.94% and 3.16%, respectively. The two-year was steady at 0.26%.
In the primary market next week, $2.97 billion of bonds should be priced, down from this week’s revised $7.16 billion. On the negotiated calendar, $2.51 billion should be issued, down from this week’s revised $5.44 billion. On the competitive side, $457 million should be auctioned, down from this week’s revised $1.72 billion.