The municipal market was slightly firmer yesterday and traders said tax-exempt yields were lower by two or three basis points overall.
“There’s not a whole lot going on right now,” a trader in New York said. “But we’re definitely getting a bit more expensive on the long end, in particular. There’s still a demand for more paper out on the Street, and I think people are looking forward to more of the new issues coming out this week. Right now, we’re probably about three basis points more expensive, on the whole.”