The tax-exempt market focused on new deals pricing Tuesday morning as the week's largest deals hit the market before Wednesday's Federal Open Market Committee meeting announcement.

Traders said the secondary market was quiet as money went to the primary. "It's a little too early to tell how the market is doing since the new issues are still pricing," a New York trader said. "Munis are still under pressure with all the redemptions."

Monday, Citi released a pre-marketing wire on the largest deal of the week, $1.1 billion of Ohio Turnpike Commission bonds. Pricing is expected later Tuesday.

The first series of $74.7 million is rated Aa3 by Moody's Investors Service, AA-minus by Standard & Poor's, and AA by Fitch Ratings. The bonds yield 4.85% with a 5% coupon in 2048, 64 basis points above the Municipal Market Data scale. The bonds are callable at par in 2023.

The second series of $683.3 million is rated A1 by Moody's and A-plus by Standard & Poor's Fitch. Yields ranged from 2.19% with a 5% coupon in 2019 to 5.11% with a 5% coupon in 2048. Spreads ranged from 60 basis points to 90 basis points above the MMD scale. The bonds are callable at par in 2023.

The third series of $170 billion of capital appreciation bonds are rated A1 by Moody's and A-plus by Standard & Poor's and Fitch. Yields ranged from 6.09% and 6.44% in a split 2039 maturity to 6.21% and 6.56% in a split 2046 maturity. Spreads ranged from 195 basis points to 235 basis points above the MMD scale. Portions of bonds maturing between 2039 and 2046 are callable at par in 2023.

The fourth series of $174.4 million is rated A1 by Moody's and A-plus by Standard & Poor's and Fitch. Yields ranged from 5.65% in 2034 to 5.85% in 2039. Spreads ranged from 167 basis points to 172 basis points above the MMD scale. The bonds are callable at par in 2031.

Barclays priced $207.7 million of Georgia Private Colleges and Universities Authority revenue bonds for Emory University. The bonds are rated Aa2 by Moody's, AA by Standard & Poor's, and AA-plus by Fitch.

Yields ranged from 0.50% with a 4% coupon in 2015 to 4.68% with a 5% coupon in 2043. Bonds maturing in 2014 were offered via sealed bid. The bonds are callable at par in 2023.

Barclays priced $124.4 million of Orange County Transportation Authority senior lien toll road revenue refunding bonds, rated A1 by Moody's, A by Standard & Poor's, and A-minus by Fitch.

Yields ranged from 0.78% with a 4% coupon in 2015 to 4.68% with a 5% and 4.5% coupon in a split 2030 maturity. Bonds maturing in 2014 were offered via sealed bid. The bonds are callable at par in 2023.

Bank of America Merrill Lynch priced for retail $115.6 million of Wisconsin Health and Educational Facilities Authority revenue bonds for Aurora Health Care, rated A3 by Moody's and A by Fitch. Institutional pricing is expected Wednesday.

The bonds yield 5.25% with a 5.125% coupon in 2031 and 5.42% with a 5.375% coupon in 2035. The bonds are callable at par in 2023.

Monday, yields on the Municipal Market Data scale ended as much as one basis point lower. The 10-year yield slipped one basis point to 2.69%. The 30-year was steady at 4.21% for the second session and the two-year finished flat at 0.43% for the ninth consecutive session.

Yields on the Municipal Market Advisors scale also ended as much as one basis point lower. The 10-year and 30-year yields were steady at 2.89% and 4.29%, respectively. The two-year was steady at 0.54% for the fourth session.

Treasuries were stronger after a weaker session Monday. The benchmark 10-year and 30-year yields fell one basis point each to 2.58% and 3.65%, respectively. The two-year yield also fell one basis point to 0.32%.

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