The municipal market was unchanged with a slightly weaker tone yesterday. Traders said tax-exempt yields were mostly flat, but higher in spots by about one basis point.

“There’s maybe a bit of a weaker tone, but I’m not seeing a whole lot of movement,” a trader in New York said. “There’s some decent activity out there, but I’d call it flat, maybe weaker by one basis point in spots.”

“That weaker tone was a bit more persistent earlier on, and we kind of moved close to unchanged as the day progressed,” a trader in Los Angeles said. “I think I’d just call us flat right now, but if you wanted to say there’s still a little bit of weakness out there, you wouldn’t exactly be wrong.”

The Treasury market showed some ­losses yesterday.

The yield on the benchmark 10-year note opened at 3.76% and was quoted near the end of the session at 3.83%.

The yield on the two-year note opened at 1.01% and was quoted near the end of the session at 1.02%.

The yield on the 30-year bond was quoted near the end of the session at 4.69%,after opening at 4.61%.

Yesterday’s Municipal Market Data triple-A scale yielded 3.04% in 10 years and 3.75% in 20 years, matching levels of 3.04% and 3.75% on Tuesday. The scale yielded 4.12% in 30 years yesterday, matching Tuesday’s level.

As of Tuesday’s close, the triple-A muni scale in 10 years was at 80.9% of comparable Treasuries and 30-year munis were 89.6% of comparable Treasuries, according to MMD, while 30-year, tax-exempt triple-A general obligation bonds were at 92.8% of the comparable London Interbank Offered Rate.

In the new-issue market yesterday, JPMorgan priced $364 million of taxable transportation revenue Build America Bonds for New York’s Metropolitan Transportation Authority.

The bonds mature in 2039, yielding 6.668% priced at par, or 4.33% after the 35% federal subsidy, and were priced to yield 200 basis points over the comparable Treasury yield.

The bonds, which contain a make-whole call at Treasuries plus 30 basis points, are rated A2 by Moody’s Investors Service and A by Standard & Poor’s and Fitch Ratings.

Barclays Capital priced for retail investors $360 million of bonds for the New Jersey Transportation Trust Fund Authority ahead of institutional pricing today.

The bonds mature from 2025 through 2034, and in 2036, 2037, and 2040. Full pricing information was not available by press time, but the bonds were priced with a high yield of 6.30% in 2037. Bonds maturing in 2040 were not formally re-offered.

The credit is rated A1 by Moody’s, AA-minus by Standard & Poor’s, and A-plus by Fitch.

Morgan Stanley priced $130 million of revenue bonds for the Pima County, Ariz., Industrial Development Authority. The bonds mature in 2029 and are priced at par to yield 5.87%.

The bonds, which are callable at par in 2015, are rated Baa3 by Moody’s, BBB-minus by Standard & Poor’s, and BB-plus by Fitch.

The Regional Transportation Authority of Illinois competitively sold $112.9 million of taxable BABs to JPMorgan with a true interest cost of 5.97%.

The bonds mature from 2023 through 2028 and in 2035, but pricing information was not available by press time.

The authority also competitively sold $62.7 million of GOs to Goldman, Sachs & Co., with a TIC of 3.26%.

The bonds mature from 2010 through 2022, with yields ranging from 0.60% with a 4% coupon in 2011 to 3.79% with a 5% coupon in 2022. Bonds maturing in 2010 were not formally re-offered.

The bonds, which are callable at par in 2020, are rated Aa3 by Moody’s, AA-plus by Standard & Poor’s, and AA-minus by Fitch.

JPMorgan priced $78.3 million of hospital revenue bonds for the Harris County, Tex., Cultural Educational Facilities Finance Corp.

The bonds mature from 2010 through 2022, with term bonds in 2025 and 2029. Yields range from 1.08% with a 3% coupon in 2011 to 4.90% with a 5% coupon in 2029.

Bonds maturing in 2010 were decided via sealed bid.

The bonds, which are callable at par in 2019, are rated Aa2 by Moody’s and AA by both Standard & Poor’s and Fitch.

Morgan Stanley also priced $41.1 million of taxable BABs for the New Jersey Education Facilities Authority.

The bonds mature from 2016 through 2021, with term bonds in 2030 and 2040. Yields range from 4.878% in 2016, or 3.17% after the 35% federal subsidy, to 7.395% in 2040, or 4.81% after the subsidy, all priced at par.

Bonds maturing in 2020 and later are subject to optional redemption at par on July 1, 2019. Bonds maturing from 2016 through 2021 are subject to make-whole redemption at Treasuries plus 35 basis points before July 1, 2019.

Bonds maturing in 2030 and 2040 are subject to make-whole redemption at Treasuries plus 40 basis points before July 1, 2019. And all maturities are subject to make-whole redemption at Treasuries plus 100 basis points.

The credit is rated A3 by Moody’s, A by Standard & Poor’s, and AA-minus by Fitch.

The Bond Buyer’s one-year note index yesterday reached an all-time low of 0.45%. The previous low was 0.46% on Dec. 16, 2009. The index began in July 1989.

In economic data released yesterday, the Institute for Supply Management’s non-manufacturing business activity composite index was 50.1 in December, up from 48.7 in November.

Economists polled by Thomson ­Reuters had expected a 50.5 level.

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