Traders looked to the primary as Wells Fargo won the bid for $300 million taxable Illinois sales revenue bonds. Secondary trading subsequently slowed.
"The secondary is dead," a New York trader said. "There are some big blocks out for the bid but otherwise it's pretty flat."
Wells Fargo won the bid for $300 million of taxable Illinois sales tax revenue bonds, rated AAA by Standard & Poor's and AA-plus by Fitch Ratings. The deal was sold at a true interest cost of 3.286%. Pricing details were not yet available.
Municipal bond scales ended mostly unchanged Wednesday after posting losses Monday and Tuesday.
Yields on the Municipal Market Data triple-A GO scale finished flat. The 10-year and 30-year yields finished unchanged at 1.75% and 2.89%, respectively. The two-year held at 0.29% for the 24th session.
Yields on the Municipal Market Advisors 5% scale ended mostly steady. The 10-year yield slid one basis point to 1.80%. The 30-year closed unchanged at 3.02% for the second session and the two-year finished unchanged at 0.32% for the 24th session.
Treasuries steepened in the belly of the curve as the benchmark 10-year yield jumped four basis points to 1.81%. The two-year yield slid two basis points to 0.22%. The 30-year was flat at 2.99%.
