The pricing on the New York City Transitional Finance Authority’s $1.01 billion deal was accelerated by a day as top-quality municipal bonds turned mixed on Tuesday.

Primary market
Bank of America Merrill Lynch priced the NTC TFA’s $1.01 billion of Fiscal 2018 Series S-1 and S-2 building aid revenue bonds for institutions on Tuesday after a one-day retail order period. The deal was originally planned to be offered to retail buyers over two days.

On Tuesday, the $805.68 million of Series S-1 BARBs were priced to yield from 1.12% with a 5% coupon in 2019 to 3.37% with a 4% coupon in 2036. The $200.49 million of Series S-2 BARBs were priced to yield from 0.91% with a 2% coupon in 2018 to 3.07% with a 5% coupon in 2036.

The deal is rated Aa2 by Moody’s Investors Service and AA by S&P Global Ratings and Fitch Ratings.

Citigroup priced Philadelphia’s $331 million of Series 2017 general obligation bonds.

The issue was priced as 5s to yield from 1.43% in 2019 to 3.58% in 2037. The 2018 maturity was offered as a sealed bid.

The deal is rated A2 by Moody’s, A-plus by S&P and A-minus by Fitch, except for the 2035 maturity which is insured by Assured Guaranty Municipal and rated A2 by Moody’s and AA by S&P.

Since 2007, the city of brotherly love has sold $7.91 billion of debt, with the highest issuance in 2010 when it sold roughly $1.36 billion. Issuance was lowest in 2012 when it sold $92 million. With Tuesday’s sale, the city has more issuance so far this year than it did in 2016.

JPMorgan Securities priced the Aldine Independent School District, Texas’ $378.54 million of Series 2017A unlimited tax school building and refunding bonds.

The issue was priced to yield from 1.10% with a 5% coupon in 2019 to 3.03% with a 5% coupon in 2039; a 2042 maturity was priced as 5s to yield 3.11% and a 2045 maturity was priced as 5s to yield 3.14%.

The deal is rated triple-A by Moody’s and S&P.

BAML priced the Riverside County Transportation Commission, Calif.’s $158.76 million of Series 2017A limited tax sales tax revenue bonds for retail investors.

The issue was priced to yield from 1.02% with a 3% coupon in 2019 to 2.95% with a 5% coupon in 2038. A 2018 maturity was offered as a sealed bid. No retail orders were taken in the 2031, 2033-2034, 2036-2037 or 2039 maturities.

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

Loop Capital markets priced the city of Dallas’ $171.98 million of waterworks and sewer system revenue refunding bonds for Dallas, Denton, Collin, Kaufman and Rockwall counties.

The bonds were priced to yield from 1.16% with a 5% coupon in 2019 to 3.31% with a 4% coupon in 2037. A term bond in 2040 was priced to yield 3.37% with a 4% coupon. A term bond in 2042 was priced to yield 3.11% with a 5% coupon. A term bond in 2046 was priced to yield 3.15% with a 5% coupon. The 2018 maturity was offered as a sealed bid.

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

BAML priced the Health and Educational Facilities Board of the Metropolitan Government of Nashville and Davidson County, Tenn.'s $120.89 million of revenue bonds for Vanderbilt University for retail investors ahead of institutional pricing on Wednesday.

The bonds were priced to yield from 4.10% with a 4% coupon in 2047 to 3.71% with a 5% coupon in 2048.

The deal is rated A3 by Moody's.

In the competitive arena, the Lewisville Independent School District, Texas, sold $202.53 million of Series 2017 unlimited tax school building GOs.

BAML won the bonds with a true interest cost of 2.90%. The issue was priced to yield from 0.98% with a 2% coupon in 2018 to approximately 3.41% in 2037 with a 3.25% coupon.

The deal, which is backed by the Permanent School Fund guarantee program, is rated AAA by S&P and Fitch.

The South Carolina Transportation Infrastructure Bank sold $188.62 million of Series 2017A revenue refunding bonds.

JPMorgan Securities won the bonds with a true interest cost of 3.8996%. Pricing information was not immediately available.

The deal is rated A1 by Moody’s and A by Fitch.

In the short-term competitive sector, four groups won the state of Colorado’s $600 million of Series 2017A general fund tax and revenue anticipation notes.

Morgan Stanley won $400 million of the deal, taking $250 million with a bid of 4% and a $7,190,000 premium, an effective rate of 0.917540% and taking $150 million with a bid of 4% and a $4,311,000 premium, an effective rate of 0.919614%; Wells Fargo Securities won $150 million, taking $100 million with a bid of 5% and a $3,810,000 premium, an effective rate of 0.917112% and taking $50 million with a bid of 5% and a $1,919,500 premium, an effective rate of 0.887317%; JPMorgan won $40 million with a bid of 2.50% and a $589,200 premium, an effective rate of 0.920299%; and Barclays Capital won $10 million with a bid of 3% and a $194,100 premium, an effective rate of 0.919022%.

The deal is rated MIG1 by Moody’s and SP1-plus by S&P.

Bond Buyer reports 30-day visible supply
The Bond Buyer's 30-day visible supply calendar decreased $89.8 million to $12.98 billion on Tuesday. The total is comprised of $4.06 billion of competitive sales and $8.92 billion of negotiated deals.

Secondary market
The yield on the 10-year benchmark muni general obligation rose as much as one basis point from 2.05% on Monday, while the 30-year GO yield was unchanged from 2.86%, according to a read of Municipal Market Data's triple-A scale.

Treasuries were little changed on Tuesday. The yield on the two-year Treasury rose to 1.39% from 1.37% on Monday, the 10-year Treasury yield was steady from 2.37% and the yield on the 30-year Treasury bond was flat from 2.92%.

On Monday, the 10-year muni to Treasury ratio was calculated at 86.5%, compared with 85.7% on Friday, while the 30-year muni to Treasury ratio stood at 97.8% versus 97.1%, according to MMD.

MSRB: Previous session's activity
The Municipal Securities Rulemaking Board reported 41,467 trades on Monday on volume of $6.91 billion.

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