The week's largest deals began to price Tuesday morning, pulling buying interest to the primary market and allowing munis to outperform a weaker Treasury market.

Bank of America Merrill Lynch won the bid for $484.5 million of New York's Empire State Development Corp. personal income tax revenue bonds, rated AAA by Standard & Poor's and AA by Fitch Ratings. The issuer also auctioned $273.8 million of revenue bonds in a separate pricing, which Goldman Sachs won, with details unavailable at press time.

Yields on the larger deal ranged from 3.40% with a 5% coupon in 2024 to 4.58% with a 5% coupon in 2033. The bonds are callable at par in 2023.

"Buyers are just working through the new issues," a New York trader said. "The separately managed accounts are busy today buying." Still, this trader said there are bid lists out in the secondary market, pushing prices lower.

Elsewhere in the primary market, Raymond James & Associates is expected to price for institutions $385.3 million of Miami-Dade County, Fla., seaport revenue bonds. The bonds are rated A3 by Moody's Investors Service and A by Fitch.

In retail pricing Monday, yields on the first series of $245.3 million ranged from 1.76% with a 4% coupon in 2017 to 5.625% priced at par in 2042. Bonds maturing between 2024 and 2038 were not offered for retail. The bonds are callable at par in 2023.

The second series of $110.7 million subject to the alternative minimum tax was not offered to retail. The third series of $11.9 million was offered via sealed bid.

The fourth series of $17.5 million of bonds subject to the AMT ranged from 1.56% with a 4% coupon in 2016 to 5.12% with a 6% coupon in 2026. Bonds maturing in 2014 and 2015 were offered via sealed bid. The bonds are callable at par in 2023.

JPMorgan is expected to price for institutions $193.9 million of Monroe County Industrial Development Corp. revenue bonds for the University of Rochester project. The bonds are rated Aa3 by Moody's and AA-minus by Standard & Poor's and Fitch.

In retail pricing Monday, yields on the first series of $118.7 million ranged from 0.63% with a 3% coupon in 2015 to 3.77% with a 5% coupon in 2024. Bonds maturing between 2025 and 2043 were not offered for retail. The bonds are callable at par in 2023.

Yields on the second series of $75.2 million ranged from 0.33% with a 2% coupon in 2014 to 5.07% with a 5% coupon in 2038. Bonds maturing in 2043 were not offered for retail. The bonds are callable at par in 2023.

Back in the competitive market, Arkansas is expected to auction $495 million of general obligation bonds, rated Aa1 by Moody's and AA by Standard & Poor's.

Monday, yields on the triple-A Municipal Market Data scale ended as much as two basis points lower. The 10-year yield slid two basis points to 2.99%, falling below 3.00% for the first time since Aug. 30. The 30-year yield fell one basis point to 4.48%. The two-year was steady at 0.43% for the 38th straight session.

Yields on the Municipal Market Advisors scale also ended as much as three basis points firmer. The 10-year fell two basis points to 3.12% and the 30-year yield dropped one basis point to 4.59%. The two-year closed unchanged at 0.55% for the 17th session.

Treasuries were weaker Tuesday morning after two days of solid gains. The benchmark 10-year yield rose seven basis points to 2.97% and the 30-year yield increased four basis points to 3.88%. The two-year yield rose three basis points to 0.47%.

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