It's going to be a slow week in the municipal market with a thin new issue calendar and light trading as market participants look to get their hands on paper before the end of the summer season.

"There's not a lot going on in new issue land," a New York trader said. "You could almost hear a pin drop in here; it's the end of August and we have a skeleton staff. This is the last hurrah for summer. Hopefully things pick up after Labor Day, but it's going to be a quiet week."

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