Municipals finished slightly firmer yesterday in light trading activity, while in the new-issue market New York's Metropolitan Transportation Authority sold $600 million of revenue anticipation notes. Traders said tax-exempt yields were lower by about two basis points overall."We're a bit better," a trader in New York said. "There's not a ton of activity, but there's a noticeable firmer tone in the market, and we're better by I'd say as much as three or so basis points in spots. Overall, maybe one or two basis points better. But, it's still fairly quiet."

Trades reported by the Municipal Securities Rulemaking Board yesterday showed some gains. Bonds from an interdealer trade of California 5s of 2034 yielded 6.00%, down one basis point from where they traded Monday. A dealer sold to a customer New York City Municipal Water Finance Authority 4.5s of 2038 at 5.20%, down one basis point from where they were sold Monday. Bonds from an interdealer trade of New York MTA 5.125s of 2029 yielded 5.24%, down three basis points from where they traded Monday. A dealer sold to a customer Puerto Rico Public Buildings Authority 5.5s of 2023 at 6.56%, one basis point lower than where they were sold Monday.

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