Municipal bond traders will see the bulk of the week’s new issue slate hit the screens on Tuesday, with the New York Metropolitan Transportation Authority’s green bond sale leading the way.

Secondary market
U.S. Treasuries were slightly stronger on Tuesday. The yield on the two-year Treasury dipped to 1.38% from 1.39% on Monday, the 10-year Treasury yield declined to 2.22% from 2.23% and the yield on the 30-year Treasury bond decreased to 2.79% from 2.80%.

Top-rated municipal bonds finished weaker on Monday. The yield on the 10-year benchmark muni general obligation rose one basis point to 1.90% from 1.89% on Friday, while the 30-year GO yield gained one basis point to 2.77% from 2.76%, according to the final read of Municipal Market Data's triple-A scale.

On Monday, the 10-year muni-to-Treasury ratio was calculated at 85.4% compared with 85.8% on Friday, while the 30-year muni-to-Treasury ratio stood at 98.8% versus 99.5%, according to MMD.

MSRB: Previous session's activity
The Municipal Securities Rulemaking Board reported 32,531 trades on Monday on volume of $6.18 billion.

Primary market
Citigroup is set to price the N.Y. MTA’s $598.31 million of Series 2017B climate bond certified transportation revenue refunding green bonds for retail investors ahead of institutional pricing on Tuesday.

The issue was priced to yield from 1.25% with 4% and 5% coupons in a split 2021 maturity to 2.41% with a 5% coupon in 2028.

The deal is rated A1 by Moody’s Investors Service and A-minus by S&P Global Ratings and Fitch Ratings and AA-plus by Kroll Bond Rating Agency.

On Tuesday, Barclays Capital set to price the Regents of the University of California’s $854 million of Series 2017M tax-exempt and Series 2017N taxable limited project revenue bonds.

The deal is rated A3 by Moody’s, A-minus by S&P and A by Fitch.

Goldman Sachs is set to price Ohio’s $342 million of general obligation highway capital improvement bonds on Tuesday.

The deal is rated Aa1 by Moody’s, AAA by S&P and AA-plus by Fitch.

Since 2007, the state has issued $12.14 billion of securities, with the most issuance taking place in 2008, when it sold $2.13 billion of bonds. The Buckeye State saw a low year of issuance in 2013, when it sold $259 million. Tuesday’s sale brings the state issuance above last year's total and makes it the third highest issuance year in the decade.

Ziegler is expected to price the Mayor and Council of Rockville Economic Development Inc., Md.’s $240 million of Series 2017 revenue and revenue refunding bonds for the Ingleside at King Farm project.

The deal is rated BB by Fitch, which assigns the credit a stable outlook.

Bank of America Merrill Lynch is set to price the Northeast Ohio Regional Sewer District’s $157 million of Series 2017 wastewater improvement refunding revenue bonds on Tuesday.

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

And Citi expected to price Anchorage, Alaska’s $169 million of tax-exempt Series 2017B water Series 2017B wastewater and taxable Series 2017V wastewater revenue refunding bonds for retail investors ahead of the institutional pricing on Tuesday.

The deal is rated AA by S&P and Fitch.

In the competitive arena on Tuesday, the Brookland Cayce School District No. 2 of Lexington County, Ky., is selling $100 million of Series 2017C general obligation bonds. The deal is rated Aa1 by Moody’s and AA by S&P.

Irving, Texas, is selling $107.65 million of Series 2017 combination tax and hotel occupancy tax revenue refunding bonds. The deal is rated triple-A by Moody’s and S&P.

Bond Buyer reports 30-day visible supply
The Bond Buyer's 30-day visible supply calendar increased $1.61 billion to $11.26 billion on Tuesday. The total is comprised of $5.59 billion of competitive sales and $5.67 billion of negotiated deals.

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