The municipal market was slightly weaker Thursday amid light to moderate secondary trading activity, as New Jersey came to market with $604.3 million of general obligation debt.

“We’ve had some trouble dealing with the supply that’s been hitting the primary since last week,” a trader in New York said. “A lot of the larger deals you’ve seen come through have had to be adjusted cheaper, particularly yesterday’s Ohio deal and the New Jersey deal today. There’s been some decent activity out in the Street, but it’s been a primary-centric week.”

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