The municipal bond market opened like a typical quiet Monday with very little trading, even with a weaker Treasury market on news that Cyprus secured a bailout.

And activity is expected to remain fairly quiet during the holiday-shortened week. The primary market this week can expect $2.97 billion of bonds, down from last week's revised $7.16 billion. On the negotiated calendar, $2.51 billion should be issued, down from last week's revised $5.44 billion. On the competitive side, $457 million should be auctioned, down from last week's revised $1.72 billion.

"There's no traction," a Chicago trader said. "There is not enough volume to make a direction call."

Others agreed. "Govies are off and there is no calendar," a New York trader said. "So there is just a bit of retail."

Municipal bond scales ended as much as one basis point firmer Friday.

Yields on the Municipal Market Data triple-A GO scale ended one basis point stronger. The 10-year yield fell one basis point to 1.95% while the 30-year yield closed at 3.10% for the third consecutive session. The two-year finished flat at 0.31% for the 24th consecutive session.

Yields on the Municipal Market Advisors 5% coupon triple-A benchmark scale also ended as much as one basis point lower. The 10-year yield and the 30-year yield slid one basis point each to 2.00% and 3.19%, respectively. The two-year held at 0.33% for the 19th session.

Treasuries were slightly weaker Monday morning. The benchmark 10-year yield and the 30-year yield rose two basis points each to 1.94% and 3.16%, respectively. The two-year was steady at 0.26%.

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