The municipal market was mostly flat Monday amid fairly light secondary trading activity, as the Dallas Area Rapid Transit priced $729.4 million of Build America Bonds.

“There wasn’t a whole lot to speak about today, but there’s a pretty decent calendar out there this week nationally,” a trader in Los Angeles said. “There should be a bit of a focus on the primary this week.”

He described Monday’s market activity as “flat” and “unchanged.”

Bank of America Merrill Lynch late Monday priced $729.4 million of taxable BABs for DART, the week’s largest scheduled transaction.

The BABs mature in 2041 and 2048, and were priced to yield 120 and 130 basis points over 30-year Treasuries. Coupons were not set by press time.

The bonds contain a make-whole call at Treasuries plus 20 basis points.

DART also priced $95 million of Series 2010 A tax-exempt senior-lien bonds to retail investors. Pricing information was not available.

The agency on Sept. 17 lost its coveted triple-A rating from Standard & Poor’s.

Analysts lowered the rating on $2.6 billion of outstanding senior-lien sales tax revenue bonds to AA-plus from AAA with a stable outlook.

Standard & Poor’s assigned its AA-plus long-term rating and stable outlook to this deal. Moody’s Investors Service rates the DART bonds Aa2.

The Municipal Market Data triple-A scale yielded 2.32% in 10 years Monday, while the 20-year scale held at its record low of 3.28%, both matching Friday’s levels.

The scale for 30 year debt yielded 3.70%, also matching Friday.

The 20-year low of 3.28% — which was matched Thursday, Friday, and Monday —was established Aug. 31.

Yields on the 10-year and 30-year triple-A scale bottomed out at 2.17% and 3.67%, respectively, on Aug. 25.

Monday’s triple-A muni scale in 10 years was at 92.1% of comparable Treasuries and 30-year munis were at 100%, according to MMD, while 30-year tax-exempt triple-A general obligation bonds were at 111.1% of the comparable London Interbank Offered Rate.

The Treasury market showed gains Monday. The benchmark 10-year note finished at 2.52% after opening at 2.61%. The 30-year bond finished at 3.70% after opening at 3.80%.

The two-year note finished at 0.43% after opening at 0.44%.

Long-term volume is expected to improve slightly to $9.42 billion in estimated new issuance earmarked for pricing in the primary market, according to Ipreo LLC and The Bond Buyer.

This week’s calendar is expected to increase by $1.26 billion from a revised $8.16 billion last week, according to Thomson Reuters.

In the new-issue market Monday, Citi priced for retail investors $237.5 million of electric system revenue bonds for Florida’s Jacksonville Electric Authority in three series.

Bonds from the larger $144.5 million series mature from 2011 through 2031, with yields ranging from 0.60% with a 3% coupon in 2011 to 4.28% with a 4.125% coupon in 2030.

Bonds maturing in 2028, 2029, and 2031 were not offered during the retail order period. The bonds are callable at par in 2015.

Bonds from the $78.9 million series mature from 2011 through 2030 with a term bond in 2038. Yields range from 0.60% with a 3% coupon in 2011 to 4.40% with a 4.25% coupon in 2038. Bonds maturing from 2022 through 2024 and from 2027 through 2029 were not offered during the retail order period. The bonds are callable at par in 2020, except bonds maturing in 2020, which are not callable.

Bonds from the $14.1 million series mature from 2020 through 2026. None of these bonds were offered during the retail order period. The bonds are callable at par in 2020.

The credit is rated Aa3 by Moody’s, A-plus by Standard & Poor’s, and AA-minus by Fitch Ratings.

Citi priced for retail investors $224.9 million of revenue refunding bonds for the Southeastern Pennsylvania Transportation Authority.

The bonds mature from 2011 through 2028, with yields ranging from 0.80% with a 2% coupon in 2012 to 3.77% with a 3.7% coupon in 2028.

Bonds maturing in 2011 will be decided via sealed bid. Bonds maturing from 2023 through 2027 were not offered during the retail order period.

The bonds, which are callable at par in 2020, are rated A1 by Moody’s, AA-minus by Standard & Poor’s, and AA by Fitch.

JPMorgan priced for retail investors $180 million of transportation excise tax revenue bonds for the Arizona Transportation Board.

The bonds mature from 2011 through 2025, with yields ranging from 0.55% with a 3% coupon in 2012 to 3.13% with a 5% coupon in 2025. Bonds maturing in 2011 will be decided via sealed bid. Bonds maturing from 2021 through 2024 were not offered during the retail order period.

The bonds, which are callable at par in 2020, are rated Aa1 by Moody’s and AA-plus by Standard & Poor’s.

Meanwhile, Citi priced for retail investors $173.4 million of revenue bonds for Henrico County, Va., in four series.

Bonds from the $40.3 million Series B-1 mature in 2031, 2032, and 2042, yielding 4.70% with a 4.625% coupon, 4.75% with a 4.625% coupon, and 4.875% with a 4.75% coupon.

Bonds from the $40.4 million Series B-2 mature in 2031, 2032, and 2042, yielding 4.70% with a 4.625% coupon in 2031 and 4.75% with a 4.625% coupon in 2032. Bonds maturing in 2042 were not offered during the retail order period.

Bonds from the $46.4 million Series C-1 mature in 2031, 2032, and 2042, yielding 4.70% with a 4.625% coupon in 2031 and 4.75% with a 4.625% coupon in 2032. Bonds maturing in 2042 were not offered during the retail order period.

Bonds from the $46.2 million Series C-2 mature in 2031, 2032, and 2042, yielding 4.70% with a 4.625% coupon in 2031 and 4.75% with a 4.625% coupon in 2032. Bonds maturing in 2042 were not offered during the retail order period.

All the bonds, which are insured by Assured Guaranty Corp., are callable at par in 2020, except bonds maturing in 2031. The underlying credit is rated A3 by Moody’s and A-minus by both Standard & Poor’s and Fitch.

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