The municipal market was mostly flat Wednesday amid light to moderate secondary trading activity as Mississippi hit the primary with the week’s largest transaction.

“It’s busier in the secondary than it was Monday and Tuesday, but it’s still fairly quiet,” a trader in San Francisco said. “People are generally just focused on the primary, waiting to see how we handle the supply. I also think there’s not going to be too much movement in the market until we see what comes out of the [Federal Open Market Committee] meeting week after next.”

Leading the new-issue market, Morgan Stanley priced $650.7 million of taxable debt for Mississippi that includes Build America Bonds and recovery zone economic development bonds. The deal was accelerated by one day after initially being set to price for institutions Thursday.

Bonds from a $371.7 million series of taxable BABs mature from 2023 through 2025, with a term bond in 2034. Yields range from 4.351% in 2023, or 2.83% after the 35% federal subsidy, to 5.245% in 2034, or 3.41% after the subsidy, all priced at par.

The bonds were priced to yield between 135 and 220 basis points over the corresponding Treasury yields. Bonds maturing from 2023 through 2025 contain a make-whole call at Treasuries plus 30 basis points. The 2034 term bond has a make-whole call at Treasuries plus 25 basis points.

A $45 million series of taxable RZEDBs matures in 2035, yielding 5.445% priced at par. The bonds contain a make-whole call at Treasuries plus 35 basis points.

The $234 million series of taxable debt matures from 2011 through 2023, with yields ranging from 0.651% in 2011 to 4.351% in 2023, all priced at par.

The bonds were priced to yield between 30 and 187 basis points over the corresponding Treasury yields. Debt maturing from 2011 through 2014 contains a make-whole call at Treasuries plus 10 basis points. Bonds maturing from 2015 through 2020 contain a make-whole call at Treasuries plus 15 basis points. The 2021 and 2022 maturities have a make-whole call at 20 basis points. Debt maturing in 2023 contains a make-whole call at Treasuries plus 30 basis points.

The credit is rated Aa2 by Moody’s Investors Service, AA by Standard & Poor’s, and AA-plus by Fitch Ratings.

Municipal Market Data’s triple-A scale yielded 2.36% in 10 years Wednesday, matching Tuesday, while the 20-year scale remained flat at 3.36%. The scale for 30-year debt was unchanged at a 3.77% yield.

“You can maybe pick up a basis point in spots and lose one in others,” a trader in New York said. “On the whole, it probably evens out to unchanged.”

Wednesday’s triple-A muni scale in 10 years was at 95.2% of comparable Treasuries and 30-year munis were at 96.4%, according to MMD, while 30-year tax-exempt triple-A general obligation bonds were at 107.4% of the comparable London Interbank Offered Rate.

The Treasury market showed little movement Wednesday. The benchmark 10-year note finished at 2.48% after also opening at 2.48%. The 30-year bond finished at 3.89% after opening at 3.91%. The two-year note finished at 0.36% after also opening at 0.36%.

Elsewhere in the new-issue market Wednesday, New York’s Triborough Bridge and Tunnel Authority competitively sold $347 million of taxable and tax-exempt debt to Bank of America Merrill Lynch in two series, with a true interest cost of 5.10%.

Bonds from the $280.4 million series of taxable BABs mature from 2021 through 2027, with term bonds in 2032 and 2040. Yields range from 4.05% in 2021, or 2.63% after the 35% federal subsidy, to 5.55% in 2040, or 3.61% after the subsidy, all priced at par.

Bonds from the $66.6 million tax-exempt series mature from 2011 through 2020, with coupons ranging from 2% in 2011 to 5% in 2020. None of the bonds were formally re-offered.

The credit is rated Aa2 by Moody’s, AA-minus by Standard & Poor’s, and AA by Fitch.

JPMorgan priced $300 million of taxable BABs for the District of Columbia Water and Sewer Authority.

The BABs mature from 2020 through 2023, with term bonds in 2028 and 2044. Yields range from 4.068% in 2020, or 2.64% after the 35% federal subsidy, to 5.522% in 2044, or 3.59% after the subsidy, all priced at par.

The bonds were priced to yield between 160 and 210 basis points over the corresponding Treasury yields, and contain a make-whole call at Treasuries plus 30 basis points.

The credit is rated Aa3 by Moody’s and AA-minus by both Standard & Poor’s and Fitch.

Goldman, Sachs & Co. priced for retail investors $401.9 million of refunding revenue bonds for the Lower Colorado River Authority in two series.

Bonds from the $252 million Series A mature from 2012 through 2030, with term bonds in 2035 and 2040. Yields range from 0.87% with a 3% coupon in 2012 to 4.01% with a 4% coupon in 2030. Bonds maturing from 2026 through 2029 and in 2035 and 2040 were not offered during the retail order period.

Bonds from the $149.9 million Series B mature from 2011 through 2024, with yields ranging from 0.60% with a 2% coupon in 2011 to 3.53% with a 3.5% coupon in 2024.

The bonds, which are all callable at par in 2020, are rated A1 by Moody’s, A by Standard & Poor’s, and A-plus by Fitch.

JPMorgan priced $135.3 million of GO debt from gilt-edged Delaware.

The debt matures from 2011 through 2024, with yields ranging from 0.43% with a 2% coupon in 2012 to 2.88% with a 3% coupon in 2024. Bonds maturing in 2011 were decided via sealed bid.

The bonds are not callable and are rated triple-A by all three major rating agencies. The state will also offer $115.7 million of Series 2010C taxable BABs and $59.5 million of Series 2010D QSCBs via competitive bid Thursday.

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