NEW YORK – The tax-exempt market was very quiet Friday afternoon as most traders left early to start the weekend.

“The market in painfully slow,” a New York trader said, adding the market is looking forward to the $1.8 billion Illinois general obligation bond issue next week. “It feels like everyone is holding off and seeing how that gets digested.”

Munis were steady Friday afternoon, according to the Municipal Market Data scale. On Thursday, the two-year yield closed flat at 0.31% for the seventh consecutive trading session while the 30-year ended flat at 3.25% for the fourth consecutive trading session. The 10-year yield finished at 1.87%.

Treasuries were steady. The two-year yield and the benchmark 10-year yield were flat at 0.27% and 1.95%. The 30-year yield rose one basis points to 3.13%.

Looking to next week, the municipal market can expect $6.09 billion in new issuance, down slightly from this week’s revised $6.1 billion. On the negotiated calendar, $5.37 billion, up from this week’s revised $4.19 billion. In competitive offerings, $719.3 million is expected, down from this week’s revised $1.91 billion.

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