The Port Authority of New York and New Jersey drew a top yield of 6.825% yesterday on its offering of $103.6 million consolidated revenue bonds and the issue received a warm response from permanent investors.

Trading of tax-exempt paper in the secondary market, however, continued to play second fiddle to the primary sector, and market participants are not expecting any change this week with a 1991 high of $3.7 billion of long-term bonds up for public sale. Dollar bond prices ended the session unchanged to 1/8 point higher.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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