The municipal market was firmer yesterday, as most of the week's largest scheduled deals were priced in the primary market. Traders said tax-exempt yields were lower by six or seven basis points overall.
"We were kind of getting firmer and firmer as the day wore on, because demand held in there pretty strong," a trader in Los Angeles said. "The new issues were priced pretty strongly, and the secondary was pretty active as well. It's a pretty positive day out there."