The municipal market was three to five basis points firmer yesterday as several of the week's largest new-issue transactions came to market, traders said.

"We're a bit more active today, and we're firmer," a trader in New York said. "There's definitely a positive tone out there. We were a little better yesterday, and we're kind of picking up from there now. We're probably better a solid three basis points now, maybe even a little more out on the really long end."

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