The tax-exempt market opened on a steady note for the second session this week as bonds were bid out to buyers but there wasn't enough movement to push prices in either direction.

"There are lots of bids-wanted out there but it's not moving the market either way," a New York trader said. "It's quiet."

One trader in Chicago said Puerto Rico Electric Power Authority bonds were trading firmer with more volume Tuesday morning. This trader said the daily volume of PREPA trading was 360% more than the previous five Tuesdays, with $33 million in trades so far, versus the previous five Tuesday with an average of $7.2 million.

In a block size trade, PREPA 5.5s of 2038 yielded 8.39%, up in price from the previous yield of 8.43%.

In the primary market, JPMorgan held preliminary pricing for $434.2 million of Broward County, Fla., airport system revenue bonds, rated A1 by Moody's Investors Service, A-plus by Standard & Poor's, and A by Fitch Ratings.

Yields on the first series, $164.5 million subject to the alternative minimum tax, ranged from 0.82% with a 3% coupon in 2015 to 5.41% with a 5.25% coupon in 2043. Bonds maturing in 2014 were offered via sealed bid. The bonds are callable at par in 2023.

Yields on the second series of $55.4 million of non-AMT, ranged from 0.59% with a 3% coupon in 2015 to 5.06% with a 5% coupon in 2043. Bonds maturing in 2014 were offered via sealed bid. The bonds are callable at par in 2023.

Yields on the third series of $214.3 million of non-AMT, ranged from 0.59% with a 3% coupon in 2015 to 5.01% with a 5.25% coupon in 2043. Bonds maturing in 2014 were offered via sealed bid. The bonds are callable at par in 2023.

On Monday, yields on the triple-A Municipal Market Data scale were unchanged for the second session. The 10-year and 30-year yields were flat for the fourth session at 2.54% and 4.11%, respectively. The two-year was steady for the fifth session at 0.37%.

Yields on the Municipal Market Advisors benchmark scale were also unchanged. The 10-year yield closed unchanged at 2.70% for the second session and the 30-year was flat at 4.26% for the fourth session. The two-year closed unchanged at 0.54% for the 13th session.

The Treasury yield curve flattened. The two-year yield rose three basis points to 0.38%. The benchmark 10-year was steady at 2.64% and the 30-year yield fell one basis point to 3.70%.

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