New York City led the way in the municipal market yesterday with more than $2 billion of taxable and tax-exempt debt over two issues, which included $800 million of Build America Bonds, amid a firmer secondary market.

Morgan Stanley priced the $970 million of taxable bonds for New York City in two series. The $800 million of BABs mature from 2022 through 2024, with term bonds in 2031 and 2034. The bonds are priced at par to yield from 4.59% in 2022 to 5.68% in 2034, or from 2.98% in 2022 to 3.69% in 2034 after the 35% federal subsidy. The bonds were priced to yield between 130 and 165 basis points over the comparable Treasury yield.

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