The municipal market was unchanged to slightly firmer yesterday, as participants digested the week's heaviest slate of new issuance in the primary market.
"It's very quiet right now with a lot of people out on vacation," a trader in New York said. "The market is kind of unchanged, maybe up a basis point on the cleaner names. There are some arbs out there trying to buy clean paper on the long end. The market is just kind of hanging in there."