Even as several retail pricings were released, the tax-exempt market remained fairly quiet as traders noted it felt like a typical Monday.
"It's was very quiet this morning and a couple of new issues are pricing but generally, it's a quiet Monday," a New York trader said. "The market is about flat."
In the primary market, Wells Fargo Securities priced for retail $958.2 million of New York's Metropolitan Transportation Authority dedicated tax fund refunding bonds, rated AA by Standard & Poor's and AA-minus by Fitch Ratings. Institutional pricing is expected Tuesday.
Yields on the first series, $895.2 million of current interest bonds, ranged from 0.43% with a 4% coupon in 2014 to 3.07% with a 4% coupon and 2.87% with a 5% coupon in a split 2031 maturity. Bonds maturing in 2013 were offered via sealed bid. The bonds are callable at par in 2022.
Bonds in the second series, $63 million of capital appreciation bonds, had a yield to maturity of 3.62% in 2032.
Bank of America Merrill Lynch priced for retail $217.6 million of Nebraska Public Power District general revenue bonds, rated A1 by Moody's Investors Service, A by Standard & Poor's, and A-plus by Fitch. Institutional pricing is expected Tuesday.
Yields on the first series, $114.6 million of general revenue bonds, ranged from 0.36% with a 3% coupon in 2014 to 3.75% priced at par in 2043. The bonds are callable at par in 2023.
The second series, $103 million of general revenue bonds, were not offered for retail.
Bank of America Merrill Lynch also priced $136.7 million of Mississippi general obligation bonds, rated Aa2 by Moody's, AA by Standard & Poor's, and AA-plus by Fitch. Institutional pricing is expected Tuesday.
Yields ranged from 1.22% with a 3% coupon in 2019 to 3.22% with a 3.125% coupon in 2032. Credits maturing between 2024 and 2026 and between 2028 and 2031 were not offered for retail. The bonds are callable at par in 2022.
On Friday, the 10-year Municipal Market Data yield fell one basis point to 1.69% while the 30-year yield dropped two basis points to 2.84%. The two-year yield finished flat at 0.30% for the 13th consecutive trading session.
The Treasury yield curve steepened as yields on the short end fell while yields on the long end rose. The two-year yield fell one basis point to 0.26% while the 30-year yield increased one basis point to 2.85%. The benchmark 10-year was steady at 1.67%.