Municipals finish flat; primary calendar thins out; Wake County, N.C., to sell $421.72 million

By Sheri Kasprzak

New York, April 23 - Municipal yields were mostly flat to round out a wild week for primary activity. The week ahead, however, looks subdued by comparison, market insiders reported.

"It's really quiet," said one trader reached in the afternoon.

"Yields are pretty flat throughout [the curve]."

Meanwhile, the primary calendar will taper off substantially, with the largest sale of the week coming from Wake County down in North Carolina. The county will sell $421.72 million in series 2010C general obligation refunding bonds competitively on Wednesday.

The bonds (Aaa/AAA/AAA) are due 2013 to 2026.

The county plans to use the proceeds to refund its series 2003A-B, 2004, 2005, 2007 and 2009A bonds.

The county seat is Raleigh, N.C.

Massachusetts water to come

Coming up on Tuesday, the Massachusetts Water Resources Authority is expected to bring $253.085 million series 2010 general revenue bonds, according to a sales calendar.

The sale includes $100 million in series 2010A bonds and $153.085 million in series 2010B revenue refunding bonds.

The 2010A bonds are due 2015 to 2030 with term bonds due 2035 and 2040. The 2010B bonds are due 2014 to 2030.

Citigroup Global Markets Inc. is the senior manager.

Proceeds will be used to refund existing debt and to fund upcoming construction projects.

Lower Colorado sets deal

In other upcoming offerings, the Lower Colorado River Authority of Texas is expected to sell $200 million in series 2010 transmission contract refunding and improvement revenue bonds Thursday, according to a calendar of upcoming sales.

The bonds (A2/A/A+) will be sold through Morgan Stanley & Co. Inc.

The bonds are due 2012 to 2018 and 2021 with term bonds due 2025, 2030 and 2040.

Proceeds will be used to finance the construction, renovation and improvement of generation facilities as well as refund existing tax-exempt transmission contract revenue notes.

Based in Austin, Texas, the authority operates electric power generation facilities.

Wesleyan deal planned

On Tuesday, the State of Connecticut Health and Educational Facilities Authority is set to sell $190 million in series 2010G revenue bonds for Wesleyan University, according to a calendar of upcoming deals.

The bonds (A3) will be sold on a negotiated basis with Goldman, Sachs & Co. as the lead manager.

Proceeds will be used to fund capital projects at the university, which is located in Middletown, Conn.

Summa Health plans deal

In other upcoming offerings, the State of Ohio is set to sell $175 million in series 2010 hospital facilities revenue bonds for Summa Health System on Wednesday, said a sales calendar.

The bonds (Baa1//BBB+) will be sold through J.P. Morgan Securities Inc. and PNC Capital Markets LLC.

The bonds are due 2025, 2030, 2035 and 2040.

Proceeds will fund the construction of a trauma center at Summa Akron City Hospital, fund the renovation of a patient tower at the Summa Wadsworth-Rittman campus, refinance the construction of a parking garage at Summa Akron Hospital and finance improvements at a variety of Summa Health hospitals in Ohio.

Summa Health is based in Akron, Ohio.

MEAG sale ahead

On the horizon, the Municipal Electric Authority of Georgia plans to price $130.13 million in series 2010A combined cycle project revenue bonds, said a preliminary official statement. Pricing is expected during the week of May 3.

The bonds (A1/A/) will be sold through lead manager JPMorgan.

The bonds are due 2010 to 2019.

Proceeds will be used to refund the authority's series 2002A-B bonds and its 2003A bonds.

The authority, based in Atlanta, is an electric and gas utility.

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