For the 10th consecutive session, yields in the tax-exempt market rose yesterday, as Utah sold $394.3 million of general obligation bonds in the primary.

Morgan Stanley priced the bonds for the state in the day's largest deal brought to institutional investors. The bonds mature from 2010 through 2024, with yields ranging from 0.85% with a 2% coupon in 2010 to 4.17% with a 5% coupon in 2024. The bonds, which are callable at par in 2018, are also rated triple-A by all three major ratings agencies.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.