The tax-exempt market was steady ahead of a full day of primary issuance expected to hit the market. Traders said the market was waiting to see how deals were priced before deciding which direction to take.

"Munis are off to a slow start," a New York trader said. "There are too many deals this week. But we've been so busy the last couple weeks that it could just be a breather."

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.