The municipal market was weaker by six to eight basis points overall Tuesday, with yields widening to 10-to-12 basis points on the long end, amid a flood of new issuance.

The weakness led to the Massachusetts Development Finance Agency downsizing its expected $740 million Harvard University offering to $601.1 million and conceding 20 basis points in yield, according to market sources, helping accelerate the market’s downward spiral.

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