Municipal bonds turned weaker on Tuesday as a wave of deals swept into the market.

Primary market
The New York City Transitional Finance Authority competitively sold $1.1 billion of Fiscal 2018 Series C tax-exempt and taxable fixed rate bonds in five sales.

Goldman Sachs won the $122.09 million Subseries C-1 tax-exempt bonds with a true interest cost of 2.0935%.

Bank of America Merrill Lynch won the $329.22 million of Subseries C-2 tax-exempt bonds with a TIC of 3.6952%.

JPMorgan Securities won the $398.9 million of Subseries C-3 tax-exempt bonds with a TIC of 3.8733%.

Morgan Stanley won the $137.4 million of Subseries C-4 taxable bonds with a TIC of 3.6731%.

And UBS Financial won the $112.6 million of Subseries C-5 taxable bonds with a TIC of 3.8938%.

Also on Tuesday, Boston competitively sold $150 million of Series 2018A general obligation bonds.

BAML won the bonds with a TIC of 2.9565%.

Since 2008, Boston has sold about $1.9 billion of bonds, with the most issuance occurring in 2015 when it sold $266.7 million. It sold the least amount of bonds in 2016 when it issued $148.1 million.

The North Dakota Public Finance Authority competitively sold $131.09 million of Series 2018A state revolving fund bonds.

JPMorgan won the bonds with a TIC of 3.2792%.

Nevada competitively sold $116.76 million of Series 2018 highway improvement motor vehicle fuel tax revenue bonds.

BAML won the bonds with a TIC of 3.3387%.

And the week's action is only just getting started.

In the competitive arena on Wednesday, Pennsylvania will competitively sell $1.25 billion of its First Series of 2018 general obligation bonds. Proceeds will be used to finance various capital projects.

In the negotiated sector on Wednesday, Citigroup is expected to price the city and county of San Francisco Airport Commission’s $914 million of second series revenue and revenue refunding bonds.

And Goldman Sachs is set to price the Grand Parkway Transportation Corp.’s $911 million of subordinate tier toll revenue bonds and $610 million of bond anticipation notes on Wednesday.

Tuesday’s bond sales
Massachusetts:
Click here for the Boston sale

Nevada:
Click here for the state sale

Bond Buyer 30-day visible supply at $13.77B
The Bond Buyer's 30-day visible supply calendar increased $464.9 million to $13.77 billion on Tuesday. The total is comprised of $6.71 billion of competitive sales and $7.06 billion of negotiated deals.

Secondary market
Municipal bonds were weaker on Tuesday, according to a midday read of the MBIS benchmark scale.

Benchmark muni yields rose as much as two basis points in the three- to 30-year maturities and fell less than a basis point in the one- and two-year maturities. High-grade munis were also weaker, with yields calculated on MBIS’ AAA scale rising as much as two basis points in the one- to 30-year maturities.

Municipals were also weaker according to Municipal Market Data’s AAA benchmark scale, which showed yields rising one to three basis points in the 10-year general obligation muni and gaining two to four basis points in the 30-year muni maturity.

Treasury bonds were weaker, with the 10-year yield passing through the 3% level as stocks fell sharply.

On Monday, the 10-year muni-to-Treasury ratio was calculated at 81.9% while the 30-year muni-to-Treasury ratio stood at 94.7%, according to MMD.

Previous session's activity
The Municipal Securities Rulemaking Board reported 34,410 trades on Monday on volume of $7.53 billion.

California, New York and Texas were the states with the most trades, with the Golden State taking 15.598% of the market, the Empire State taking 13.021% and the Lone Star State taking 10.755%.

Treasury auctions $45B 4-week bills
The Treasury Department Tuesday auctioned $45 billion of four-week bills at a 1.655% high yield, a price of 99.871278.

The coupon equivalent was 1.680%. The bid-to-cover ratio was 3.13.

Tenders at the high rate were allotted 63.32%. The median rate was 1.630%. The low rate was 1.600%.

Gary Siegel contributed to this report.

Data appearing in this article from Municipal Bond Information Services, including the MBIS municipal bond index, is available on The Bond Buyer Data Workstation. Click here for a brief tour of the Workstation, or contact Vanessa Kim at 212-803-8474 for more information.

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Chip Barnett

Chip Barnett

Chip Barnett is a journalist with more than 40 years of experience. Barnett is currently Senior Market Reporter for The Bond Buyer.