Municipals improve with Treasuries as deals price; NYC Housing offers $391.77 million of bonds

By Sheri Kasprzak

New York, Dec. 9 – Municipals were better on the day as the week’s heavier slate priced, market sources said, and as Treasuries improved on weaker stocks and oil prices.

Yields on top-rated munis fell by 1 basis point even as the five-year Treasury note yield fell by 4 bps.

NYC Housing sells bonds

Among the day’s larger offerings, the New York City Housing Development Corp. priced $391,765,000 of series 2015 multifamily housing revenue bonds.

The deal included $128,795,000 of series 2015G-1 bonds, $47.16 million of series 2015G-2 bonds, $136.47 million of series 2015H bonds, $60.86 million of series 2015I bonds, $14,725,000 of series 2015J bonds and $3,755,000 of series 2015K bonds, said a term sheet.

The 2015G-1 bonds are due 2016 to 2028 with term bonds due in 2030, 2035, 2040, 2045 and 2049. The serial coupons range from 0.30% to 3% and all priced at par. The 2030 bonds have a 3.2% coupon, the 2035 bonds have a 3.55% coupon, the 2040 bonds have a 3.75% coupon, the 2045 bonds have a 3.85% coupon, and the 2049 bonds have a 3.95% coupon; they all priced at par.

The 2015G-2 bonds are due 2019 to 2028 with term bonds due in 2030, 2035, 2040, 2045 and 2049. The serial coupons range from 1.45% to 3% and all priced at par. The 2030 bonds have a 3.2% coupon, the 2035 bonds have a 3.55% coupon, the 2040 bonds have a 3.75% coupon, the 2045 bonds have a 3.85% coupon, and the 2049 bonds have a 3.95% coupon; they all priced at par.

The 2015H bonds are due Nov. 1, 2045, have a 2.95% coupon and priced at par.

The 2015I bonds are due Nov. 1, 2045, have a 2.95% coupon and priced at par.

The 2015J bonds are due May 1, 2047, have a 0.37% coupon and priced at par.

The 2015K bonds are due Nov. 1, 2019, have a 0.37% coupon and priced at par.

Proceeds will be used for mortgage loans for multifamily housing projects in New York City.

Clemson bonds price

Elsewhere during the session, Clemson University of South Carolina reportedly sold $191 million of higher education revenue bonds in the competitive market, but the full terms were not immediately available.

The bonds are due 2019 to 2046 with yields from 1.05% to 3.48%.

Proceeds from the bonds (Aa2/AA/) will be used to finance the construction, renovation, improvement and equipment of a new student housing facility as well as dining, retail, bookstore and auxiliary facilities at the university’s campus.

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