The municipal market was unchanged with a slightly weaker tone yesterday amid fairly light secondary trading activity.
“The market is very quiet. It is kind of just flat,” a trader in New York said. “But there are a couple of deals that will be priced this week in the primary market, and that seems to be the focus. There is some retail, but it is kind of sparse. We think retail is going to be okay, due to the fact that there are a lot of bonds coming due. The focus is on the primary market for now.”