The secondary market took a backseat to the primary as some of the week’s largest deals priced Tuesday, including New Jersey’s Transportation Trust Fund Authority and triple-A rated Columbus, Ohio.

The headline name that drew investors’ attention Tuesday morning was $92 million of Michigan Finance Authority state aid revenue notes for the School District of Detroit, which yielded 4.5% priced at par maturing in August 2014. The bonds are rated SP-1 by Standard & Poor’s. Traders in the tax-exempt market said they expected the deal to be multiple times oversubscribed.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.