The municipal market was slightly firmer Monday as California priced a $1.125 billion tax-exempt general obligation offering, accelerating institutional pricing on the deal by a day.

“There’s definitely some firmness out there,” a trader in Los Angeles said. “It’s not quite as active as it’s been the past week, but we’re better a solid three, maybe four, basis points across the board. Probably closer to four on the long end. There’s a pretty wide bid-ask spread holding trading back somewhat, but business is still getting done.”

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