Tax-exempts turned to the competitive market Wednesday as New Jersey is expected to price a high-grade deal following Tuesday's negotiated junk bond offering of $1.2 billion Iowa fertilizer bonds.

Traders said the $350 million New Jersey deal should get decent demand, continuing the momentum from Tuesday's rally. The New Jersey general obligation bonds are rated A1 by Moody's Investors Service and AA-minus by Standard & Poor's and Fitch Ratings.

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.