The first part of the Chicago Board of Education’s $922 million bond offering came to market on Wednesday as the board’s $64.9 million of dedicated capital improvement tax bonds were priced.

Secondary market
The yield on the 10-year benchmark muni general obligation fell as much as one basis point from 2.00% on Tuesday, while the 30-year GO yield dropped as much as two basis points from 2.70%, according to a read of Municipal Market Data’s triple-A scale.

U.S. Treasuries were narrowly mixed on Wednesday. The yield on the two-year Treasury was unchanged from 1.69% on Tuesday, the 10-year Treasury yield declined to 2.35% from 2.38% and the yield on the 30-year Treasury decreased to 2.80% from 2.84%.

On Tuesday, the 10-year muni-to-Treasury ratio was calculated at 84.1% compared with 80.6% on Monday, while the 30-year muni-to-Treasury ratio stood at 95.3% versus 92.6%, according to MMD.

AP-MBIS 10-year muni at 2.265%, 30-year at 2.780%
The Associated Press-MBIS municipal non-callable 5% GO benchmark scale was stronger at midday.

The 10-year muni benchmark yield fell to 2.265% on Wednesday from the final read of 2.299% on Tuesday, according to Municipal Bond Information Services, a national consortium of municipal interdealer brokers. The AP-MBIS 30-year benchmark muni yield dropped to 2.780% from 2.809%.

The AP-MBIS benchmark index is a yield curve built on market data aggregated from MBIS member firms and is updated hourly on the Bond Buyer Data Workstation.

MSRB: Previous session's activity
The Municipal Securities Rulemaking Board reported 39,381 trades on Tuesday on volume of $10.76 billion.

Primary market
The Chicago Board of Education came to market on Wednesday with the first part of a $922 million bond offering as JPMorgan Securities priced the board’s $64.9 million Series 2017 dedicated capital improvement tax bonds.

The issue was priced as 5s to yield from 3.95% in 2033 to 4.12% in 2037. A 2042 maturity was priced as 5s to yield 4.15% and a 2046 maturity was priced as 5s to yield 4.19%.

This series is rated A by Fitch Ratings and BBB by Kroll Bond Rating Agency.

On Thursday, JPMorgan will price the BOE's $857.43 million Series 2017 unlimited tax dedicated revenue general obligation bonds.

This series is rated B by S&P Global Ratings, BB-minus by Fitch and BBB by Kroll.

Bank of America Merrill Lynch priced the Ohio Air Quality Development Authority’s $210 million of Series 2017 exempt facilities revenue bonds, subject to the alternative minimum tax, for the Pratt Paper LLC project.

The issue was priced at par to yield 3.875% in 2028, 4.50% in 2038 and 4.75% in 2048. The deal is unrated.

In the competitive arena, the Cook County Community College District No. 512, Ill., sold $107.12 million of Series 2017B general obligation refunding bonds.

Bank of America Merrill Lynch won the bonds with a true interest cost of 2.1738%.The issue was priced as 5s to yield from 1.31% in 2018 to 2.40% in 2028. The deal is rated Aaa by Moody’s.

The East Bay Regional Park District., Calif., sold $125.67 million of GOs in two separate offerings.

Morgan Stanley won the $80 million of Series 2017A-1 Election of 2008 GOs and Series 2017A-2 Election of 2008 GO green bonds with a TIC of 2.4785% while BAML won the $45.67 million of Series 2017B-1 GO refunding bonds and Series 2017B2 GO refunding green bonds with a TIC of 1.9123%. Both deals are rated triple-A by Moody’s and S&P.

Later Wednesday, the Dublin Unified School District, Calif., is selling $100 million of Series B Election of 2016 GOs. The deal is rated Aa1 by Moody’s and AA by S&P.

Also on Wednesday, Loop Capital Markets will price the Illinois State Toll Highway Authority’s $300 million of Series 2017A toll highway senior revenue bonds. The deal is rated Aa3 by Moody’s Investors Service and AA-minus by S&P and Fitch.

Since 2007, the authority has sold about $6.9 billion of debt, with the most issuance occurring in 2014 when it sold $1.54 billion of securities. The authority did not come to market in 2011 or 2012.

And Citigroup is expected to price the Guam Waterworks Authority’s $100 million of Series 2017 water and wastewater system revenue refunding bonds. The deal is rated Baa2 by Moody’s, A-minus by S&P and BBB-minus by Fitch.

Bond Buyer reports 30-day visible supply
The Bond Buyer's 30-day visible supply calendar decreased $2.57 million to $7.80 billion on Wednesday. The total is comprised of $2.08 billion of competitive sales and $5.72 billion of negotiated deals.

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