Municipals were mostly unchanged yesterday as pricing for retail investors continued on an $800 million transaction for the New York City Transitional Finance Authority. Trading activity was light to moderate."It's pretty flat overall, I'd say," a trader in New York said. "On the shorter end, we might be better a basis point or so in spots, but on the longer end, we're even cheapening up a little bit, maybe a basis point there. But it's just in spots, and overall, we're pretty flat."

"There's a little movement here and there, mostly better where there's been any movement, but overall, I'd call it unchanged," a trader in Los Angeles said. "Overwhelmingly, the curve was just pretty flat. Maybe a bit of a firmer tone if anything, but flat."

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