Munis were little changed on Friday, as U.S. Treasuries cheapened and equities ended higher.

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UST yields cheapened by three to four basis points.

August’s ample issuance may in fact be record-setting, according to J.P. Morgan analysts led by Peter DeGroot. With one more week’s data, J.P. Morgan now projects a total August tax-exempt issuance of roughly $57 billion, which would make it one of the top three months on record.

Next week’s elevated tax-exempt supply and little in the way of reinvestment DeGroot wrote, mean “market liquidity will again be highly dependent on rates and flows.”

Primary to come
Issuance is an estimated $10.377 billion for the week of Aug. 24, with $7.424 billion of negotiated deals on tap and $2.926 billion of competitives, according to LSEG.

California leads the negotiated calendar with $2.800 million of GOs.

The competitive calendar is led by the Santa Clara Valley Water District, California, with $434.14 million of water system refunding revenue bonds and water system notes, sold in two series.