The municipal market was unchanged to slightly firmer Friday amid light to moderate secondary trading activity.

“It feels a little bit firmer, but I’m not really seeing enough trading to say that we’re up a basis point or up two basis points,” said a trader in New York. “I’d call it flat with a firmer tone, just because there’s not a whole lot of activity.”

The Municipal Market Data triple-A 10-year scale fell two basis points Friday to 3.16%, the 20-year remained at 4.42%, and the scale for 30-year bonds declined two basis points to 4.76%.

In the daily MMD commentary, Randy Smolik wrote “after three straight days of aggressively reaching for paper, it was tough for the muni rally to simply stall.

“High-grade customer bid-wanteds in the 2017 to 2021 range showed buyers were still willing to step bids and many of the blocks were eventually sold to customers,” Smolik wrote. “Selectively, one could still see some reaching on longer serial bonds. Although trading seemed to be running in place in the 20- to 25-year range, maximum-yielding prime quality bonds still saw aggressive purchases around the 30-year range.”

Friday’s triple-A muni scale in 10 years was at 88.0% of comparable Treasuries and 30-year munis were at 101.3% according to MMD. Meanwhile, 30-year tax-exempt triple-A general obligation bonds were at 107.0% of the comparable London Interbank Offered Rate.

Treasuries showed losses Friday. The benchmark 10-year note was quoted near the end of the session at 3.60% after opening at 3.57%. The 30-year bond was quoted near the end of the session at 4.70% after opening at 4.66%. The two-year note was quoted near the end of the session at 0.78% after opening at 0.77%.

Trades reported by the Municipal Securities Rulemaking Board Friday showed some gains. A dealer bought from a customer Dormitory Authority of the State of New York 5s of 2041 at 4.80%, even with where they were sold Thursday. A dealer sold to a customer Florida State Turnpike Authority 5s of 2033 at 5.20%, two basis points lower than where they traded Thursday.

A dealer sold to a customer District of Columbia 5.25s of 2034 at 4.90%, even with where they were sold Thursday. A dealer bought from a customer taxable California Build America Bond 7.3s of 2034 at 7.23%, one basis point lower than where they were sold Thursday.

Bonds from an interdealer trade of taxable Chicago 7.781s of 2035 yielded 7.61%, two basis points lower than where they were sold Thursday. A dealer sold to a customer New York State 5s of 2033 at 5.14%, two basis points lower than where they traded Thursday.

A dealer sold to a customer Washington State 5s of 2029 at 4.57%, two basis points lower than where they were sold Thursday. Bonds from an interdealer trade of Ohio’s taxable American Municipal Power BAB 7.834s of 2041 went at 7.18%, one basis point lower than where they were sold Thursday.

A dealer bought from a customer Hawaii 5s of 2024 at 4.08%, even with where they traded Thursday. Bonds from an interdealer trade of Tarrant County, Texas 5s of 2030 yielded 4.69%, even with where they were sold Thursday.

The economic calendar was light Friday.

Activity in the new-issue market was light Friday.

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