A firmer tone in the municipal bond market held up in the midst of the largest deals of the week pricing for institutions Wednesday and traders said new issues were oversubscribed, passing a test of demand.

In the largest deal, Barclays priced for institutions nearly $2.6 billion of Regents of the University of California general revenue bonds, rated Aa1 by Moody's Investors Service, AA by Standard & Poor's, and AA-plus by Fitch Ratings. The first pricing of $1.15 billion included two series, $546.9 million and $600 million of tax-exempt bonds.

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