The tax-exempt market opened as much as 10 basis points weaker Monday morning, traders said, though it was definitively better than the 20 basis-point-selloff seen on both Thursday and Friday of last week.

Underwriters in the primary market were not taking any chances in the volatile market and postponed deals. RBC Capital Markets postponed the $129.1 million Pennsylvania Housing Finance Authority single family mortgage revenue bonds deal, rated AA-plus by Standard & Poor's. The deal was expected to price Wednesday.

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