Retail pricing of $500 million of New York's Metropolitan Transportation Authority revenue bonds was well underway Wednesday afternoon amid an overall weaker session.

"Generally yields are higher by five to seven basis points," a New York trader said. "It's not busier than yesterday but we are starting to see guys pick their heads up a little toward the end of day."

JPMorgan priced the MTA transportation revenue bonds, rated A2 by Moody's Investors Service and A by Standard & Poor's and Fitch Ratings. Institutional pricing is expected Thursday.

Yields ranged from 0.55% with 2% and 4% coupons in a split 2015 maturity to 4.20% with a 4% coupon in 2043. Bonds maturing in 2013 and 2014 were offered via sealed bid. The bonds are callable at par in 2023 except bonds maturing in 2023.

In the competitive market, the Los Angeles Community College District auctioned $306.9 million of general obligation bonds, rated Aa1 by Moody's and AA by Standard & Poor's.

Bank of America Merrill Lynch won the bid for $250 million. Yields ranged from 0.13% with a 2% coupon in 2013 to 4.00% priced at par in 2037. The bonds are callable at par in 2023.

Citi won the bid for $56.9 million. Pricing details were not yet available.

Wells Fargo Securities won the bid for $151.1 million of triple-A rated Maricopa County Community College District GOs. Yields ranged from 0.35% with a 2% coupon in 2014 to 3.28% with a 3.5% coupon in 2027. The bonds are callable at par in 2023.

Yields on the Municipal Market Data scale ended Tuesday as much as nine basis points higher. The 10-year yield jumped nine basis points to 1.99% and the 30-year yield increased seven basis points to 3.15%. The two-year finished flat at 0.29% for the third session.

Yields on the Municipal Market Advisors 5% scale ended as much as eight basis points higher. The 10-year yield jumped eight basis points to 2.05% and the 30-year yield climbed seven basis points to 3.26%. The two-year was unchanged at 0.35% for the third session.

The Treasury yield curve continued to flatten Wednesday afternoon. The two-year yield rose one basis point to 0.31%. The benchmark 10-year yield slid two basis points to 2.13% and the 30-year yield fell four basis points to 3.27%.

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