The municipal bond market opened with steady yields across the curve Monday morning, after rallying for four days.
On Friday, muni yields on bonds maturing in two years fell by three basis points and maturities from nine to 12 years slipped by two basis points, according to the Municipal Market Data's triple-A scale.
Issuance for this week is expected to total $5.1 billion, virtually unchanged from last week's $5 billion.
There are no deals over $100 million slated for the negotiated or competitive market Monday.
Goldman, Sachs & Co. will bring $1 billion of New Jersey Turnpike Authority revenue bonds on Tuesday, the largest deal of the week. The deal received an A3 rating from Moody's Investors Service, an A-plus from Standard & Poor's and an A from Fitch Ratings.
Citigroup Global Markets will issue $514 million of Pennsylvania Turnpike Commission variable rate revenue bonds Tuesday. The bonds mature serially from 2015 to 2021 and are rated A1 by Moody's and A-plus by both S&P and Fitch.
J.P. Morgan Securities will bring $450 million of Metropolitan Washington Airports Authority revenue refunding bonds Tuesday. The deal is rated Baa1 by Moody's and BBB-plus by S&P.
Treasuries weakened Monday morning, with the 30-year yields and the10-year benchmark inching up one basis point each to 3.48% and 2.64%, respectively. The two-year notes were unchanged at 0.40% from Friday's market close.
