More than $1 billion of taxable and tax-exempt debt from the Dormitory Authority of the State of New York led the way in the primary Tuesday, as the municipal market withstood an influx of several billion dollars in new issuance with yields backing up just two basis points overall.

“There’s definitely some weakness out there, but given the supply that’s hitting, it’s not down as much as I had thought we might have,” a trader in New York said.

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