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.

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