The municipal market was flat to slightly firmer Tuesday amid light to moderate secondary trading activity, as 10-year munis reached a new record-low level of 2.51% and the Phoenix Civic Improvement Corp. priced $700 million of tax-exempt debt.

“The market is still feeling pretty firm,” a trader in New York said. “There isn’t a ton of activity, but there’s definitely a firmer tone, and I’d say we’re probably better a basis point or so in spots. Flat to better by one at this juncture.”

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