Muni yields seen mixed; North Carolina prices $487.7 million in G.O. public improvement bonds

By Sheri Kasprzak

New York, March 31 - Municipal yields ended mixed on Wednesday after spending a session moving erratically, market insiders reported.

"We've been all over the map today," said one trader reached in the afternoon.

"It's been a fairly tight range, but we've been up 1 or 2 basis points, down 1 or 2 in areas, unchanged in spots. It's been a wild day."

In trading action, the California State Public Works Board's series 2010A-1 various-purpose general obligation bonds were seen trading. The 5% 2020 bonds were seen at 5.1%. The 5.75% 2030s were seen at 5.84%.

Over in the primary market, the State of North Carolina sold Wednesday $487.7 million in series 2010A G.O. public improvement bonds, said a pricing sheet.

The bonds (Aaa/AAA/AAA) were priced competitively with Citigroup Global Markets Inc. as the winner.

The bonds are due 2011 to 2030 with coupons from 4% to 5%.

Proceeds will be used to finance capital projects throughout the state.

Mountain States Health bonds price

In other pricing news, the Johnson City Health and Educational Facilities Board of Tennessee priced $168.5 million in series 2010 hospital revenue refunding bonds for the Mountain States Health System, said a pricing sheet.

The bonds (Baa1/BBB+/) were sold through Bank of America Merrill Lynch.

The bonds are due 2011 to 2020 with term bonds due 2025, 2030 and 2038. The serial coupons range from 3% to 5%. The 2025 bonds have a 5.375% coupon, priced at 97.911, and the 2030 bonds have a 5.625% coupon, priced at 96.772. The 2038 bonds have a split maturity with a 6% coupon, priced at 99.05, and a 6.5% coupon, priced at 108.618.

Proceeds will be used to refund existing debt.

The health system is based in Johnson City, Tenn.

Greater Orlando Aviation sells bonds

Elsewhere, the Greater Orlando Aviation Authority of Florida priced Wednesday $167.505 million in series 2010 airport facilities revenue and revenue refunding bonds, said a pricing sheet.

The bonds (Aa3/A+/AA-) were sold through Morgan Stanley & Co. Inc.

The sale included $82.11 million in series 2010A revenue bonds and $85.395 million in series 2010B refunding bonds.

The 2010A bonds are due 2014 to 2025 with term bonds due 2032 and 2040. Serial coupons range from 3.6% to 5%. The 2032 and 2040 bonds each have 5% coupons.

The 2010B bonds are due 2011 to 2018 with coupons from 3% to 5%.

Proceeds will be used to improve the airport's terminal baggage claim system and refund debt.

Nashville/Davidson convention bonds ahead

Looking to upcoming sales, the Convention Center Authority of the Metropolitan Government of Nashville and Davidson County, Tenn., is expected to price $633.325 million in revenue bonds, said a preliminary official statement.

The sale includes $11.7 million in series 2010A-1 tourism tax revenue bonds (A2/A/A+), $191.075 million in series 2010A-2 tourism tax revenue Build America Bonds (A2/A/A+), $16.77 million in series 2010B-1 subordinate tourism tax revenue bonds (Aa3/A/A+) and $413.78 million in series 2010B-2 subordinate tourism tax revenue Build America Bonds (Aa3/A/A+).

Goldman, Sachs & Co. is the senior manager.

The 2010A-1 bonds are due 2016 to 2018, and the 2010A-2 bonds are due 2019 to 2043. The 2010B-1 bonds are due 2015 to 2018, and the 2010B-2 bonds are due 2019 to 2043.

Proceeds will be used to acquire land and to design, construct, equip and open a convention center in Nashville.

DeKalb hospital deal planned

Down in Georgia, the DeKalb County Hospital Authority plans to price $181.1 million in series 2010 revenue anticipation certificates for the DeKalb Medical Center, Inc., said a preliminary official statement.

The certificates (//BBB) will be sold on a negotiated basis with Raymond James & Associates Inc. as the senior manager.

The certificates are due 2011 to 2015 with term bonds due 2020, 2030 and 2040.

Proceeds will be used to fund renovations to DeKalb Medical Center in Decatur, Ga.

The authority, based in Decatur, provides financing for hospitals in the DeKalb County and Atlanta area.

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