After stumbling on large new issues last week, demand is also failing to match this week’s supply.
Munis were slightly weaker Tuesday morning, according to the Municipal Market Data scale. Yields inside six years were steady while yields outside seven years rose up to two basis points.
On Monday, the 10-year yield closed steady at 1.90% for the third consecutive trading session while the 30-year closed flat at 3.18% for the second session. The two-year was steady at 0.32% for the seventh straight session.
Treasuries were weaker Tuesday morning. The benchmark 10-year yield and the 30-year yield each rose two basis points to 1.62% and 2.74%. The two-year was steady at 0.28%.
In the primary market, part of the biggest deal of the week is expected to be priced for institutions.
On Monday’s pricing, yields ranged from 0.40% with 2%, 3%, and 5% coupons in a split 2014 maturity to 1.63% with 3%, 4%, and 5% coupons in a split 2019 maturity. Credits maturing in 2013 were offered via sealed bid. Portions of bonds maturing between 2013 and 2019 were not offered for retail.
In the retail order period, yields ranged from 0.25% with a 3% coupon in 2013 to 2.67% with 2.5% and 5% coupons in a split 2025 maturity. The bonds are callable at par in 2022.
In the competitive market,
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