Muni trading 'tame'; Fort Worth plans bond sale; Delaware to sell $124.03 million G.O. bonds

By Cristal Cody

Tupelo, Miss., April 26 - Municipals trading was slow and reserved on Monday, a trader told Prospect News.

"It's pretty tame today," the source said. "Mondays are always slow. The short side got bumped a bit, but trading's pretty reserved. We got some numbers coming out late in the week. People probably will stay a little cautious until we hear more."

Fort Worth readies sale

Meanwhile, issuers announced two additional sales scheduled for Tuesday, including the City of Fort Worth, Texas. The issuer plans to price $98.855 million in revenue refunding bonds, according to a notice of sale.

The series 2010 water and sewer system bonds (/AA/) have serial maturities from 2011 through 2020.

The bonds are expected to price through a competitive sale, according to the notice.

First Southwest Co. and Estrada Hinojosa & Co., Inc. are co-financial advisers on the sale.

The proceeds will be used to refund a portion of the city's outstanding debt, which includes its series 1998, 1999 and 1999A subordinate lien revenue bonds and its series 2000B revenue refunding and improvement bonds.

Colorado Water to price

Also coming up on Tuesday, the Colorado Water Resources and Power Development Authority plans to price $71.155 million in clean water revenue bonds, according to a notice of sale.

The series 2010A bonds (Aaa/AAA/AAA) will price via a competitive sale, according to the notice.

The bonds have serial maturities from 2011 through 2032.

Jefferies & Co. is the financial adviser.

The proceeds will be used to fund loans to governmental agencies to finance or refinance improvements made to water facilities.

Delaware deal ahead

Looking ahead, the State of Delaware announced plans to price $124.025 million in general obligation bonds.

The series 2010A bonds (Aaa/AAA/AAA) have a maturity due Jan. 1, 2011 and serial maturities from July 1, 2011 through July 1, 2020, according to a preliminary official statement.

Morgan Stanley & Co. Inc. is the senior manager of the negotiated sale.

Proceeds will be used to purchase U.S. Treasury obligations and state and local government options to use the principal and interest to redeem G.O. bonds on or prior to the call date or maturity, beginning July 1, 2010 with the issuer's 2002A bonds.

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