Municipal bond traders on Wednesday are expecting another wave of supply to hit the market, with large deals coming from a New York and New Jersey issuer.

Secondary market
Treasuries were stronger on Wednesday. The yield on the two-year Treasury fell to 1.33% from 1.38% on Tuesday, the 10-year Treasury yield dropped to 2.31% from 2.36% and the yield on the 30-year Treasury bond decreased to 2.88% from 2.92%.

Top-quality municipal bonds were steady on Tuesday. The yield on the 10-year benchmark muni general obligation was unchanged from 2.05% on Monday, while the 30-year GO yield was steady from 2.86%, according to the final read of Municipal Market Data's triple-A scale.

On Tuesday, the 10-year muni to Treasury ratio was calculated at 87.0%, compared with 86.5% on Monday, while the 30-year muni to Treasury ratio stood at 97.9% versus 97.8%, according to MMD.

MSRB: Previous session's activity
The Municipal Securities Rulemaking Board reported 44,309 trades on Tuesday on volume of $8.61billion.

Primary market
Goldman Sachs is expected to price the Port Authority of New York and New Jersey’s $828.63 million of consolidated bonds, 205th Series and 206th Series AMT, on Wednesday for retail investors ahead of the institutional pricing on Thursday.

The deal is rated Aa3 by Moody’s Investors Service and AA-minus by S&P Global Ratings and Fitch Ratings.

Bank of America Merrill Lynch is expected to price the state of Hawaii’s $251 million of Series 2017A taxable airport systems customer facility-charge revenue bonds on Wednesday.

The deal is rated A2 by Moody’s, A-plus by S&P and A by Fitch.

Morgan Stanley is set to price the Chicago Transit Authority’s $230 million of refunding Series 2017 capital grant receipts revenue bonds on Wednesday.

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

Since 2008, the Windy City’s transit authority has sold $4.87 billion of securities, with the lion's share of issuance coming in 2008 when it sold $2.44 billion. The authority did not come to market in 2009, 2012, 2013 or 2016. With Wednesday’s sale, the authority issued more this year than in the past two years combined.

Barclays Capital is expected to price the Massachusetts Port Authority’s $172.79 million of Series 2017A revenue bonds.

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

BAML is set to price 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 institutions on Wednesday after a one-day retail order period.

The bonds were priced for retail 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 Maryland Transportation Authority is selling $164.3 million of Series 2017 transportation facilities projects revenue refunding bonds.

The deal is rated Aa3 by Moody’s and AA-minus by S&P and Fitch.

Bond Buyer reports 30-day visible supply
The Bond Buyer's 30-day visible supply calendar decreased $2.13 billion to $10.86 billion on Wednesday. The total is comprised of $3.64 billion of competitive sales and $7.21 billion of negotiated deals.

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