The tax-exempt market got off to a slow start Wednesday morning as markets reopened after a full close Tuesday and an early close Monday.
With most traders in the northeast region still unable to work due to damage from Hurricane Sandy, the market traded steady.
"Munis are flat," a New York trader said. "And I would imagine most deals are postponed."
In the primary market, most underwriters said negotiated deals would not price Wednesday due to Hurricane Sandy, despite the market reopening.
In the competitive market, California's Marin Community College District will issue 92.44 million of general obligation bonds in two pricings — a $47 million pricing followed by a $45.44 million deal. The bonds are rated Aa1 by Moody's Investors Service and AA by Standard & Poor's.
On Monday, the Municipal Market Data scale ended steady to slightly stronger. The benchmark 10-year muni yield and the 30-year yield fell one basis point each to 1.72% and 2.82%, respectively. The two-year remained at 0.30% for the 24th straight trading session.
Treasuries were flat to weaker Wednesday morning. The two-year yield and the benchmark 10-year yield were steady at 0.29% and 1.72%. The 30-year yield rose two basis points to 2.90%.