Traders have started the week searching for some sense of where the municipal market is headed on the day.
Yields for tax-exempts and Treasuries appear to be hovering around levels reached at Friday's close on light activity.
"Yields are probably unchanged, or maybe have moved a basis point in either direction," a trader in New York said. "It's a late Monday morning in August; I haven't seen much direction."
Market participants await the week's issuance, led by an expected $9.8 billion of Texas revenue anticipation notes, scheduled to arrive Tuesday.
"People are just ramping up for the week ahead," the trader said. "But for the most part, it's pretty quiet."
The primary should see a boost in volume this week. The market can expect $6.79 billion to be issued, up from last week's revised $4.77 billion.
Among negotiated deals, the market can expect $5.70 billion, up from last week's revised $3.53 billion. On the competitive side of the market, issuers should bring $1.09 billion, down from last week's revised $1.23 billion.
In the secondary market, there is activity in last week's largest issuance, $10 billion of California Rans, the trader said.
On Friday the
Treasuries rolled out of bed Monday morning looking much the same as they did closing the week on Friday. The benchmark 10-year has held at 1.82%.
The two-year slipped one basis point to 0.29%. The 30-year inched up one basis point to 2.94%.