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Municipals end flat ahead of heavy supply; California issuers dominate $7.7 billion calendar
By Sheri Kasprzak
New York, April 4 – Municipals rounded out Monday mostly flat, with the 10-year triple-A benchmark bond yield holding at 1.79% and the 30-year bond yield at 2.79%.
The week will offer about $7.7 billion of supply. The new issuance is dominated by California issuers, including the University of California.
The university will price the week’s largest deal, an $842 million offering of general revenue bonds.
The bonds (Aa2/AA/AA) will be sold on a negotiated basis with Wells Fargo Securities LLC and Barclays.
The deal includes $438 million of series 2016AR bonds, $184 million of series 2016AS taxable bonds, $132 million of series 2016AT bonds and $88 million of series 2016AU taxable fixed-rate notes.
Proceeds will be used to finance capital projects at the university and to refund some outstanding general revenue bonds.
L.A. water and power ahead
Also coming out of the Golden State, the Los Angeles Department of Water and Power is scheduled to price $550 million of revenue bonds (Aa2/AA+/AA) via Wells Fargo Securities LLC and BofA Merrill Lynch.
Proceeds will be used to pay for capital improvements to the water system, to prepay some revolving loans payable from the water revenue fund and to purchase and cancel a portion of outstanding series 2006A-1 and 2006A-2 revenue bonds.
San Diego bonds planned
In other new offerings, the San Diego Public Facilities Financing Authority is on tap to price $105.24 million of lease revenue refunding bonds (/AA-/A+).
RBC Capital Markets LLC is the senior manager for the bonds, which are due 2016 to 2031.
Proceeds will refund the authority’s series 2007A ballpark lease revenue refunding bonds.
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