The municipal market was unchanged yesterday ahead of a heavy slate of new issuance set to hit the primary market later this week, including a $750 sale of taxable Build America Bonds for California scheduled for today, which the state announced yesterday.
“It’s pretty quiet right now,” a trader in New York said. “It looks like it’s going to be another new-issue week. People are going to have their eyes on the primary again. Right now, though, in the secondary, there is some business getting done, but there is no movement I’m seeing. Just pretty unchanged overall.”