Cornell University plans big sale during the week; Honolulu to price $377.91 million G.O.s

By Aaron Hochman-Zimmerman and Sheri Kasprzak

New York, March 27 - Municipals ended the week unmoved as the market continued to process a large number of recently completed primary sales, said market insiders.

Trading volume remained fairly flat in the secondary market as the week in primary action began piling up.

"We're pretty much unmoved for the day," said one trader reached Friday afternoon. "It's been fairly light today. A very quiet day, in fact."

The coming week in the primary market will bring a few large offerings, including a $305 million offering of series 2009A revenue bonds from the Dormitory Authority of the State of New York for Cornell University.

The sale is expected for Wednesday, said Marc Violette, Dasny's spokesman. A retail order period is scheduled for Tuesday.

The serial bonds will carry maturities from 2009 to 2038. The offer will also include term bonds.

J.P. Morgan Securities Inc. and Merrill Lynch & Co. will act as joint underwriters for the negotiated deal.

Proceeds from the sale will be used to refinance outstanding debt.

Cornell University is located in Ithaca, N.Y.

Honolulu sale ahead

Coming up on the horizon, the City and County of Honolulu is scheduled to bring $377.91 million in series 2009 general obligation bonds on April 8, said a preliminary official statement.

The sale includes $294.01 million in series 2009A bonds, which are due 2014 to 2034; $33.98 million in series 2009B bonds, which are due 2012 to 2017; and $49.92 million in series 2009C bonds, which are due 2011 to 2013.

The bonds (Aa2/AA/) will be sold on a negotiated basis with Merrill Lynch and Piper Jaffray & Co. as the senior managers.

Proceeds will be used to refund outstanding debt.

Also on April 8, Anne Arundel County in Maryland is expected to price $144.6 million in series 2009 G.O. bonds in a competitive sale, said a preliminary official statement.

The sale includes $115.4 million in series 2009 consolidated general improvement bonds and $29.2 million in series 2009 consolidated water and sewer bonds.

The improvement bonds are due 2010 to 2029, and the water and sewer bonds are due 2010 to 2039.

The bonds will be sold on a competitive basis with Public Resources Advisory Group as the financial adviser.

Proceeds will be used to make improvements to various county facilities, including water and sewer systems.

The county seat is Annapolis.

Palm Beach waste bonds

Looking further out, the Solid Waste Authority of Palm Beach County of Florida is set to price $268.065 million in series 2009 improvement revenue bonds, said a preliminary official statement.

The bonds (Aa3/AA/) will be sold through lead manager Citigroup Global Markets Inc.

The bonds are due 2011 to 2028.

Proceeds will be used to refurbish the authority's resource recovery facility as well as to purchase additional landfill space.

The authority is based in West Palm Beach, Fla.

Also ahead, the University of Vermont and State Agricultural College plans to sell $82.28 million in series 2009 G.O. bonds, said a preliminary official statement. The sale is expected to take place in April, though no pricing date has been set, a sellside source said Friday.

Citigroup Global Markets is the senior manager, with J.P. Morgan Securities as co-manager.

The bonds (A1/A+/) are due 2010 to 2029 with term bonds due 2034 and 2039.

Proceeds will be used to refund existing bonds.

The university is located in Burlington, Vt.

Secondary remains light

To round out the week in the secondary market, trading volume remained quiet, a trader said.

Among the bonds traded was Las Vegas' recently priced series 2009 limited tax G.O. bonds. The 5.25% 2026s were seen at 5.308%.

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