After an extremely busy day, the primary muni market will pick up right where it left off — as another big wave of issuance is expected to hit.

Secondary market
Top-shelf municipal bonds were weaker Wednesday morning. The yield on the 10-year benchmark muni general obligation was between three and five basis points higher from 1.92% on Tuesday, while the 30-year GO yield also increased between three and five basis points from 2.78%, according to a read of Municipal Market Data's triple-A scale.

U.S. Treasuries were weaker on Wednesday morning on fears of rising interest rates. The yield on the two-year Treasury was up to 1.47% from 1.44%, the 10-year Treasury yield increased to 2.30% from 2.23% and the yield on the 30-year Treasury bond rose to 2.85% from 2.77%.

On Tuesday, the 10-year muni-to-Treasury ratio was calculated at 86.1% compared with 86.6% on Monday, while the 30-year muni-to-Treasury ratio stood at 100.3% versus 100.7%, according to MMD.

MSRB: Previous session's activity
The Municipal Securities Rulemaking Board reported 41,445 trades on Tuesday on volume of $8.038 billion.

Bond Buyer reports 30-day visible supply
The Bond Buyer's 30-day visible supply calendar decreased $2.643 billion to $13.59 billion on Wednesday. The total is comprised of $4.69 billion of competitive sales and $8.90 billion of negotiated deals.

Primary market
While Wednesday’s scheduled slate is smaller than the action that took place on Tuesday, it is still expected to be yet another busy day.

Kicking things off in the competitive arena, Minnesota is scheduled to sell a total of $846.795 million of general obligation trunk highway and refunding taxable bonds in five separate sales. The deals are rated AAA by Fitch Ratings.

Since 2007, the Land of 10,000 Lakes has sold about $12.61 billion of securities, with the most issuance in 2010 when it sold $1.71 billion. The state saw the lowest year of issuance in 2008 when it sold $506 million.

RBC Capital Markets is expected to price the Pennsylvania Economic Development Financing Authority’s $432.915 million of revenue bonds for the University of Pittsburgh Medical Center. The deal is rated A1 by Moody’s Investors Service and AA-plus by S&P Global Ratings and Fitch.

Bank of America Merrill Lynch is scheduled to price the New Jersey Economic Development Authority’s $350 million of school facilities construction bonds. The deal is rated Baa1 by Moody’s, BBB-plus by S&P and A-minus by Fitch.

BAML is also slated to price Kansas’ $200 million of department of transportation highway revenue bonds. The deal is rated Aa2 by Moody’s, AAA by S&P and AA-minus by Fitch.

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