The tax-exempt market got off to a slow start this week as traders said secondary activity was quiet out of the chute.

"It seems fairly quiet," a New York trader said.

With the secondary market quiet, the primary wasn't expected to provide much direction this week either. About $4.35 billion in municipal bonds are expected, down from last week's revised $5.08 billion. On the negotiated calendar, $2.42 billion is expected to be issued, down from last week's revised $3.72 billion. On the competitive calendar, $1.93 billion should be auctioned, up from last week's revised $1.36 billion.

The biggest deal to price Monday was $60 million of Illinois Educational Facilities Authority adjustable rate revenue bonds for the University of Chicago. The bonds were priced by Wells Fargo Securities and are rated Aa1 by Moody's Investors Service, AA by Standard & Poor's, and AA-plus by Fitch Ratings.

The bonds were priced at par with a 1.1% coupon in 2036 with a mandatory tender date in 2018.

On Friday, municipal bond market reads showed steady trading.

The Municipal Market Data triple-A GO scale ended flat Friday. The 10-year yield was steady at 1.80% for the second straight session while the 30-year yield closed flat at 2.86% for the fourth straight session. The two-year closed at 0.34% for the tenth session.

The Municipal Market Advisors 5% coupon triple-A benchmark scale showed steady yields across the curve Friday. The 10-year yield and the 30-year yield were flat at 1.83% and 2.94%, respectively. The two-year closed unchanged at 0.35% for the tenth session.

Treasuries were slightly stronger Monday afternoon. The benchmark 10-year yield and the 30-year yield fell two basis points each to 1.95% and 3.16%, respectively. The two-year was steady at 0.27%.

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