Trading in the tax-exempt market opened steady Monday morning as market participants described muni activity as a typical Monday in the summer.

“It is light trading and quiet,” a New York trader said. “It’s a muni Monday.” He added yields were unchanged from Friday’s levels.

Still, activity is expected to pick up as the week progresses with several big deals pricing. The new-issue calendar can expect $8.37 billion in new deals this week, up from last week’s revised $6.07 billion. On the negotiated side, $5.89 billion should be issued, up from last week’s revised $4.64 billion. On the competitive calendar, $2.48 billion is expected to be auctioned, up from last week’s $1.43 billion.

Friday, yields on the Municipal Market Data scale ended unchanged. The 10-year and 30-year yields closed flat at 2.71% and 4.22%, respectively. The two-year finished flat at 0.43% for the 13th consecutive session.

Yields on the Municipal Market Advisors scale ended as much as one basis point lower. The 10-year and 30-year yields were flat at 2.92% and 4.32%, respectively. The two-year was unchanged at 0.55% for the second session.

Treasuries were slightly weaker Monday morning after posting strong gains Friday. The benchmark 10-year yield rose two basis points to 2.63% and the 30-year yield increased three basis points to 3.72%. The two-year was steady at 0.31%.

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