The municipal market was weaker by about three basis points overall yesterday, as the Los Angeles Department of Airports came to market with $930.2 million of debt in the primary.

“We’re definitely cheapening up some,” a trader in New York said. “I’d say we’re down a good two or three basis points overall, maybe more like three to five in spots. We’ve been carrying around a weaker tone the whole week, but today, we’re feeling it more so than we have the past few days.”

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