Tax-exempt yields were unchanged to slightly firmer yesterday, as participants mostly focused their attention on the new-issue market."I'm not seeing too much going on in the secondary," a trader in New York said. "I think a lot of people are just sort of monitoring the new issues and putting their attention there, but the secondary is fairly quiet. I think we're probably a little bit better, maybe a basis point or two, but there isn't a ton of movement. You could call it unchanged with a firmer tone and not really be wrong."
In the new-issue market yesterday, JPMorgan and Ramirez & Co. priced for retail investors $805.6 million of state personal income tax revenue bonds for the Dormitory Authority of the State of New York in three series.