With limited primary pricing wires released into the market, muni traders said Tuesday’s activity was on par with Monday’s low trading volume.
“I’m hearing Puerto Rico is cheaper but I got out of the market a while ago,” a Chicago trader said. “It’s the end of the month and quarter and it’s also tax time.”
The largest deals of the week are expected to price later Tuesday. Siebert, Brandford Shank & Co. is expected to price $245.2 million Northeast Ohio Regional Sewer District wastewater improvement revenue bonds, rated Aa1 by Moody’s Investors Service and AA-plus by Standard & Poor’s.
Barclays is expected to price $210.9 million of Franklin County, Ohio, hospital facility revenue refunding and improvement bonds on behalf of OhioHealth Corp. The bonds are rated Aa2 by Moody’s, AA-plus by Standard & Poor’s and AA by Fitch Ratings.
RBC Capital Markets should price $150 million of Washoe County, Nev., highway revenue fuel tax bonds, rated A1 by Moody’s and A-plus by Standard & Poor’s.
On Monday, municipal bond scales ended mixed.
Yields on the Municipal Market Data triple-A GO scale ended flat to one basis point weaker. The 10-year yield closed steady at 1.94% for the second session while the 30-year yield closed at 3.10% for the fourth consecutive session. The two-year finished flat at 0.31% for the 25th consecutive session.
Yields on the Municipal Market Advisors 5% coupon triple-A benchmark scale ended one basis point stronger to one basis point weaker. The 10-year yield fell one basis point to 1.99% while the 30-year yield increased one basis point to 3.20%.The two-year held at 0.33% for the 20th session.
Treasuries were slightly weaker Tuesday afternoon. The benchmark 10-year yield and the 30-year yield rose one basis point each to 1.93% and 3.15%, respectively. The two-year yield also increased one basis point to 0.26%.