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

“It’s somewhat quiet, but there is scattered firmness,” a trader in Los Angeles said. “We’re better maybe one or two basis points, more so in the intermediate sector, but you can pick up a basis point or so really anywhere along the curve, depending on the credit.”

Municipal Market Data’s triple-A scale yielded 2.51% in 10 years Friday, down two basis points from Thursday’s 2.53%, while the 20-year scale yielded 3.48%, matching Thursday.

The scale for 30-year debt was also unchanged at 3.86%.

“It’s more flat than anything else, and fairly quiet,” the Los Angeles trader said.

Friday’s triple-A muni scale in 10 years was at 95.8% of comparable Treasuries and 30-year munis were at 96.5%, according to MMD, while 30-year tax-exempt triple-A general obligation bonds were at 105.8% of the comparable London Interbank Offered Rate.

The Treasury market mostly showed gains Friday. The benchmark 10-year note was quoted near the end of the session at 2.61% after opening at 2.71%. The 30-year bond finished at 3.99% after opening at 4.05%. The two-year note was quoted near the end of the session at 0.35% after opening at 0.36%.

“Munis follow Treasuries, except when they don’t,” said Gene Gard, a portfolio manager at Dupree Funds, which runs eight tax-exempt funds with $1.2 billion in assets. “It seems like we’re for once following Treasuries as they back off a little bit. It doesn’t seem like anything systemic in the muni market.”

Activity in the new-issue market was light Friday, though secondary market trades reported by the Municipal Securities Rulemaking Board were flat to firmer.

Bonds from an interdealer trade of taxable New York Build America Bond 5.817s of 2031 yielded 5.90%, down one basis point from where they were sold Thursday. Bonds from an interdealer trade of Bay Area Toll Authority 5s of 2042 yielded 4.85%, unchanged from where they traded Thursday. Bonds from an interdealer trade of taxable Tacoma, Wash., BAB 5.041s of 2025 yielded 5.05%, unchanged from Thursday.

A dealer sold to a customer taxable New York City Transitional Finance Authority 5.882s of 2031 at 5.57%, unchanged from Thursday. A dealer sold to a customer Ohio State University taxable BAB 4.91s of 2040 at 5.13%, down one basis point from Thursday.

Bonds from an interdealer trade of taxable Texas BAB 4.681s of 2040 yielded 4.95%, two basis points lower than where they traded Thursday. Bonds from an interdealer trade of taxable Pennsylvania BAB 4.65s of 2026 yielded 4.30%, two basis points lower than Thursday. A dealer sold to a customer taxable California BABs 7.95s of 2036 at 7.21%, even with where they traded Thursday.

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