The big North Carolina bond deal priced early on Wednesday while traders are set to see the large Massachusetts note offerings go out for the bid later in the day.

Primary market
Bank of America Merrill Lynch priced the state of North Carolina’s $225.04 million of Series 2017 grant anticipation revenue vehicle refunding bonds on Wednesday.

The issue was priced as 5s to yield from 1% in 2019 to 1.53% in 2023. A 2018 was offered as a sealed bid.

The deal is rated A2 by Moody’s Investors Service, AA by S&P Global Ratings and A-plus by Fitch Ratings.

Since 2007 the Tar Heel State has sold $9.29 billion of securities, with the most issuance occurring in 2013 when it sold $1.57 billion. The state saw a low year of issuance in 2008 when it sold only $200 million.

With Wednesday’s sale, North Carolina has now sold more bonds this year than they have in the previous three years.

Morgan Stanley is expected to price the Kentucky Turnpike Authority’s $170.88 million of Series 2017AB economic development road revenue and road revenue refunding bonds for revitalization projects.

The deal is rated Aa3 by Moody’s.

RBC Capital Markets is expected to price the Philadelphia Authority for Industrial Development’s $126.62 million of Series 2017A tax-exempt and Series 2017B taxable senior living facilities revenue bonds for the Wesley Enhanced Living Obligated Group.

The deal is rated BB by Fitch.

BAML is expected to price the Illinois Finance Authority’s $113 million of Series 2017 A, B, C & D taxable revenue bonds for Rosalind Franklin University.

The deal is rated BBB-plus by S&P and Fitch.

In the short-term competitive sector, Massachusetts is selling $1.5 billion of revenue anticipation notes in three separate sales. The deals consist of $500 million of Series 2017A general obligation RANs, $500 million of Series 2017B GO RANs, and $500 million of Series 2017C GO RANs.

The deals rate rated MIG1 by Moody’s, SP1-plus by S&P and F1-plus by Fitch.

In the competitive bond arena, the Ft. Mill School District No. 4 of York County, S.C., is selling $119.08 million of Series 2017B GOs.

The deal is rated Aa1 by Moody’s and AA by S&P.

Bond Buyer reports 30-day visible supply
The Bond Buyer's 30-day visible supply calendar decreased $2.87 billion to $10.0 billion on Wednesday. The total is comprised of $5.55 billion of competitive sales and $4.45 billion of negotiated deals.

Secondary market
Treasuries were mixed on Wednesday. The yield on the two-year Treasury rose to 1.36% from 1.34% on Tuesday, the 10-year Treasury yield was unchanged from 2.26% and the yield on the 30-year Treasury bond decreased to 2.84% from 2.87%.

Municipals finished mixed on Tuesday. The yield on the 10-year benchmark muni general obligation was unchanged from 1.95% on Monday, while the 30-year GO yield was flat from 2.74%, according to the final read of Municipal Market Data's triple-A scale. Yields on intermediate bonds turned lower on Tuesday.

The 10-year muni to Treasury ratio was calculated at 86.6% on Tuesday, compared with 85.2% on Monday, while the 30-year muni to Treasury ratio stood at 96.1% versus 94.6%, according to MMD.

MSRB: Previous session's activity
The Municipal Securities Rulemaking Board reported 40,200 trades on Tuesday on volume of $9.85 billion.

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