The municipal market was quiet but weaker yesterday, as a number of large new issues came to the market, led by $700 million of Puerto Rico Electric Power Authority bonds.

“It’s quiet out there, but I’m actually seeing some people mark their bonds,” a trader in New York said. “I think overall, people had some inventory they weren’t quite ready to get rid of yet, but will eventually have to. I would say you’re three or four basis points weaker, probably a little more on the four basis point side.”

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