The municipal market was unchanged to slightly firmer yesterday, amid light to moderate secondary trading activity, as Illinois launched $900 million of taxable Build America Bonds in the primary and the municipal scale stayed below 4% on the long end.
“It’s more of the same, really,” a trader in New York said. “There’s a bit of a firmer tone, but it’s pretty flat. I’d say unchanged, maybe a basis point better in spots. The new-issue calendar is a bit more active today, but the secondary is still quiet. There isn’t a ton trading, especially outside of high grades.”