After positive reception on Illinois general obligation bonds Tuesday, the municipal bond market happily received Pennsylvania GOs Wednesday.

Bank of America Merrill Lynch won the bid for $950 million of Pennsylvania GOs at a true interest cost of 2.90%. Yields ranged from 0.17% with a 1% coupon in 2014 to 3.34% with a 4% coupon in 2033. The bonds are callable at par in 2023, and are rated Aa2 by Moody’s Investors Service, AA by Standard & Poor’s, and AA-plus by Fitch Ratings.

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