Munis were quiet on Friday, as U.S. Treasuries were a touch weaker and equities ended mixed.

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Muni yields were mostly steady, with some maturities increasing by up to two basis points. UST yields rose up to two basis points.

Municipals held steady or rallied for all but two sessions in April, according to NewSquare Capital’s Kim Olsan. 

“After the end of Q1 brought mostly flat returns across major sectors, last month’s run-down in yield defied hefty supply (preliminary figures point to more than $52 billion) and volatile global rate activity, leading to gains in nearly every category,” Olsan wrote. “May brings a higher total redemption figure compared with April. However, broader headwinds may put the brakes on any meaningful rally.”

New-issue calendar
Issuance for the week of May 4 is an estimated $12.207 billion, with $9.972 billion of negotiated deals on tap and $2.235 billion of competitives.

Chicago leads the negotiated calendar with $814.14 million of water revenue bonds.

The competitive calendar is led by Washington state with $786.245 million of GOs in three series.