Top-shelf municipal bonds were substantially weaker on Wednesday, according to traders who saw several big deals hit the screens, led by Chicago's $1 billion O'Hare Airport deal.

The yield on the 10-year benchmark muni general obligation rose five to seven basis points from 2.45% on Tuesday, while the yield on the 30-year increased eight to 10 basis points from 3.16%, according to a read of Municipal Market Data's triple-A scale.

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