NEW YORK – The tax-exempt market continues to take its direction from the primary market as most of the week’s largest deals are pricing Tuesday. With the focus on the primary, secondary activity is starting to slow.

“We have a couple of deals that are going quite well today,” a Los Angeles trader said. “So there is a focus on that. But there is a feeling nationally that this week is a lighter calendar than we’ve had over last few weeks and so there is an opportunity to clean up some deals. But, the secondary is still pretty sleepy out there.”

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