Munis richened slightly Friday, as U.S. Treasuries saw gains and equities ended lower.
Muni yields fell up to two basis points. UST yields fell by up to four points, with the largest gains at the front end of the curve.
The muni market is closing out June with the curve "more or less static" to where it was at the end of May, Kim Olsan wrote for NewSquare Capital, "but with some performance in the longer intermediate range."
More prominent factors in the market in recent weeks have been the resilience of yields amid another heavy "supply haul" and the volatility in UST rates, she said.
"Spot levels between 1 and 15 years have held in a narrow range, with just enough support to offset supply conditions," Olsan said.
Primary to come
Issuance falls to an estimated $5.055 billion this week, lighter due to the holiday-shortened week.
There are $3.912 billion of negotiated deals on tap and $1.142 billion of competitives, according to TM3.
The Black Belt Energy Gas District leads the negotiated calendar with $920 million of gas project revenue bonds.
The competitive calendar is led by Revere, Washington, with $175.63 million of general obligation bond anticipation notes.
