NEW YORK – The tax-exempt market was steady Wednesday morning ahead of what is expected to be the largest day in the primary market this week. Several deals over $1 billion are expected to come to market later this afternoon.“It’s a bit busy,” a New York trader said, adding munis are mostly steady in secondary trading.

This trader added Stockton bonds were not trading lower after declaring bankruptcy late Tuesday evening. “It’s already priced into the market.”

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