The municipal market was slightly firmer yesterday amid light to moderate secondary trading, as Pennsylvania led the primary with $1 billion of issuance over two separate competitive sales.

“The focus is mainly on the new issues again, but we are definitely a little bit better,” a trader in Los Angeles said. “We’re probably not seeing more than two or three basis points improvement, but it’s solidly firmer, despite not overwhelming secondary trading. But activity is picking up some.”

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.