Municipal yields remain flat; New York State Environmental Facilities brings $327.13 million

By Sheri Kasprzak

New York, Feb. 2 - Municipal yields were mostly unchanged to slightly firmer on Tuesday in light trading action, said a trader reached in the afternoon.

"It's been very quiet," she said.

"The short end is a little firmer. It's pretty flat for the most part, though. Just a quiet day."

Amid the light action, the Puerto Rico Sales Tax Financing Corp.'s recently priced series 2010A subordinate bonds were moving. The 5.375% 2039 bonds were seen at 5.26%.

Also trading Tuesday were the State of Illinois' recently sold series 2010-1 Build America Bonds. The 6.63% 2035 bonds were trading at 6.348%.

New York water bonds price

In primary action Tuesday, the New York State Environmental Facilities Corp. priced $327.125 million in series 2010 state clean water and drinking water revolving fund revenue bonds, said a term sheet.

The sale included $141.145 million in series 2010A bonds and $185.98 million in series 2010B Build America Bonds.

The 2010A bonds are due 2010 to 2029 with coupons from 2% to 5%. The yields for the 2010A bonds were not immediately available. The 2010B bonds are due 2018 to 2027 with term bonds due 2030 and 2039. The coupons range from 4.339% to 5.807%, all priced at par.

Siebert Brandford Shank & Co. LLC was the senior manager.

Proceeds will be used to fund clean water and drinking water projects throughout the state.

New York MTA to price

Coming up on Wednesday, the Metropolitan Transportation Authority of New York plans to sell $650 million in series 2010B revenue bonds through Barclays Capital Inc.

The sale includes $550 million in series 2010B-1 Build America Bonds and $100 million in series 2010B-2 tax-exempt bonds.

Proceeds from the sale will be used to fund transportation projects throughout the city.

Also coming up on Wednesday, the Massachusetts Educational Financing Authority is expected to price $407 million in series 2010 education loan revenue bonds (/AA/A) through Morgan Stanley & Co. Inc.

All three tranches of the bonds are due 2012 to 2020 with term bonds due 2024 and 2032.

Sales proceeds will be used to fund educational loans.

Harris County to sell $150 million

In upcoming sales, Harris County, Texas, is expected to price $150 million in series 2010A permanent improvement refunding bonds, said a preliminary official statement.

The bonds (/AAA/AA+) will be sold on a negotiated basis with Jefferies & Co. and Cabrera Capital Markets LLC as the senior managers.

Proceeds will be used to refund existing debt.

The county seat is Houston.

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