Unlike a typically slow Friday, the tax-exempt market showed signs of life with a California retail order period stealing focus and an active secondary market keeping traders busy.

One Los Angeles trader said he was participating in the $1.55 billion California various purpose general obligation bond deal. "We are having just OK retail interest," he said. "It could be huge outside of what we're seeing but with where the deal was priced and the spread, our retail guys are more interested in the secondary."

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