The municipal market was unchanged with a slightly firmer tone yesterday amid light to moderate secondary trading activity, as some of the week’s largest scheduled deals were priced in the primary market.
“It seems a little better,” a trader in New York said. “There’s some buying going on. It’s mostly small, but it seems like a lot of what is around the Street is starting to clean up all the existing bonds. The change in scale may be a basis point or two, because there are not a lot of blocks trading. There is no effect from the Treasury market. I don’t see people looking at it much.”