Three triple-A issuers auctioned bonds in the competitive market Wednesday, with few balances left over on the deals and prices richer than the benchmark scales, even in an overall weaker market.
Morgan Stanley won the bid for $209.5 million of triple-A Texas A&M University System bonds. Yields ranged from 0.15% with a 3% coupon in 2014 to 4.01% with a 4% coupon in 2033. Bonds with 5% coupons maturing between 2015 and 2018 were priced between three and eight basis points richer than Tuesday's Municipal Market Data scale. Bonds with 5% coupons maturing between 2020 and 2023 had spreads ranging from two to four basis points above the scale.