The week's largest deals were set to price for institutions Tuesday morning, commanding most of the market's attention and the secondary took a back seat.

Traders said the tone was steady to weaker after mostly firming last week. "Tuesday morning a lot of new wires come out for the week and I know the larger ones are what people focus on," a New York trader said. "There was a decent amount of bid-wanted flow, which was moderate this morning."

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.