The municipal bond market opened firmer for a second session Wednesday, extending gains from Tuesday.
Muni bond traders said the market was stronger even as the week's largest deals priced.
Goldman, Sachs & Co. priced for institutions $650 million of triple-A New York City Transitional Finance Authority future tax secured subordinate bonds.
Yields ranged from 0.62% with 3% and 5% coupons in a split 2016 maturity to 4.63% with a 4.5% coupon and 4.53% with a 5% coupon in a split 2042 maturity. Bonds maturing in 2015 were offered via sealed bid. The bonds are callable at par in 2023.
On Tuesday, yields on the triple-A Municipal Market Data scale ended as much as four basis points stronger. The 10-year and 30-year yields fell four basis points each to 2.57% and 4.19%, respectively. The two-year was steady at 0.35% for the eighth session.
Yields on the Municipal Market Advisors benchmark scale also ended as much as four basis points firmer. The 10-year and 30-year yields fell three basis points each to 2.73% and 4.32%, respectively. The two-year was unchanged at 0.55% for the 10th session.
Treasuries were mostly stronger on longer maturing bonds. The 10-year yield slid three basis points to 2.49% and the 30-year yield fell two basis points to 3.59%. The two-year yield rose one basis point to 0.31%.
