Munis were slightly weaker on Friday, as U.S. Treasuries cheapened and equities ended higher.

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Muni yields cheapened by up to two basis points. USTs cheapened by three to five basis points outside of the one-year mark.

Monday will bring the second-highest semi-monthly reinvestment of the year, but the week could still be a buyer’s market, wrote J.P. Morgan strategists, led by Peter DeGroot. Investors will have $32 billion returned to them, and a tax-exempt calendar of about $16 billion.

“This calendar, coupled with the post-[Federal Open Market Committee meeting] rise in rates, will likely result in a buyer’s market over the week,” DeGroot wrote. “Beyond next week, concerns over the path for longer-dated UST rates post-FOMC could weigh heavily on the richest long-dated portions of our market.”

Primary to come
Issuance is an estimated $15.759 billion for the week of Aug. 3, with $13.837 billion of negotiated deals on tap and $1.922 billion of competitives, according to LSEG.

New York City leads the negotiated calendar, with $1.5 billion of general obligation bonds.

The competitive calendar is led by Los Angeles Department of Water and Power, with $400 million of water system revenue bonds to be sold across three series.