Municipal yields round out week unchanged; University of Cincinnati brings $98.33 million

By Sheri Kasprzak

New York, June 25 - Municipal yields closed out the week unchanged after making some improvements earlier in the week.

"It's just a very quiet day all over," said one trader. "There's not much going on at all."

In primary action, the University of Cincinnati priced $98.325 million in series 2010 general receipt bonds, said a pricing sheet.

The bonds (A1/A+/) were sold through RBC Capital Markets Corp.

The offering included $3.46 million in series 2010B tax-exempt bonds and $94.865 million in series 2010C Build America Bonds.

The 2010B bonds are due 2011 to 2015 with 2% to 3% coupons. The 2010C bonds are due 2014 to 2021 with term bonds due 2025, 2030 and 2039. Coupons range from 3.236% to 5.117%, all priced at par. The 2025 bonds have a 5.917% coupon, priced at par, and the 2030 bonds have a 6.384% coupon, priced at par. The 2039 bonds have a 6.484% coupon, also priced at par.

Proceeds will be used to fund full or partial roof replacements at various campus buildings, the renovation of Morgens Hall, the decommissioning of Scioto Hall, the rehabilitation of the medical science building and the refunding of existing debt.

Empire State to sell

Heading up the coming week's primary action, the Empire State Development Corp. of New York plans to sell $650 million in series 2010 Liberty bonds Wednesday, said a sales calendar.

The offering will be sold through senior manager Merrill Lynch & Co. Inc.

The bonds (/AA/AA) will be used to finance the construction of One Bryant Park, a certified commercial tower.

Based in New York, the corporation finances economic development in the city.

MTA to price

In other upcoming deals, the Metropolitan Transportation Authority of New York is set to sell $600 million in series 2010C transportation revenue bonds (A2/A/A+) on Wednesday, said a sales calendar.

The offering includes $555 million in series 2010C-1 Build America Bonds and $45 million in series 2010C-2 tax-exempt bonds.

Barclays Capital Inc. and Loop Capital Markets LLC will be the senior managers.

Proceeds will be used to finance transit and commuter projects.

Massachusetts water deal ahead

Also coming up, the Massachusetts Water Pollution Abatement Trust is expected to price $498 million in series 2010 state revolving fund bonds Tuesday, said a sales calendar.

The bonds (Aaa/AAA/AA) will be sold on a negotiated basis with Goldman, Sachs & Co. as the senior manager.

The deal is comprised of tax-exempt bonds and Build America Bonds, but the exact breakdown could not be determined Friday afternoon. The tax-exempt bonds are due 2014 to 2026. The Build America Bonds are due 2018 to 2040.

Proceeds will be used to fund loans for water and wastewater capital projects for 85 governmental units. A portion of the proceeds will be used to refund the trust's outstanding standalone program bonds.

Jefferson Health sale planned

Also on Tuesday, the Chester County Health and Education Facilities Authority and Hospitals and Higher Education Facilities Authority of Philadelphia are planning to price $355 million in series 2010 health system revenue bonds for the Jefferson Health System, said a calendar of imminent sales.

The offering includes $165 million in series 2010A bonds and $190 million in series 2010B bonds.

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

The 2010A bonds are due 2011 to 2020 with term bonds due 2030, 2035 and 2040. The 2010B bonds are also due 2011 to 2020 with term bonds due 2030, 2035 and 2040.

Proceeds will be used to finance an addition and improvements to the system's Paoli Hospital and to refund debt.

The Chester County authority, based in West Chester, Pa., provides funding for educational and health-care projects. The Philadelphia authority also provides funding for educational and health-care projects.

The health system is based in Radnor, Pa.

Delaware River sale ahead

In other upcoming deals, the Delaware River Port Authority of New Jersey is set to price $320 million in series 2010 revenue bonds Thursday, according to a preliminary official statement.

The bonds (A3/A-/) will be sold on a negotiated basis with Citigroup as the senior manager.

The offering includes tax-exempt bonds and Build America Bonds, but the exact breakdown could not be determined.

The Build America Bonds are due 2040, and the tax-exempt bonds are due 2027 to 2030 with a term bond due 2040.

Proceeds will be used to finance the authority's capital improvement program.

Based in Camden, N.J., the authority maintains and develops the Camden-Philadelphia port district, which links New Jersey and Pennsylvania with four bridges, mass transit and a ferry.

San Diego USD deal

During Monday's light primary calendar, the San Diego Unified School District is expected to bring to market $235 million in series 2010-11 tax and revenue anticipation notes, said a sales calendar.

The TRANs (/SP-1+/) will be sold on a negotiated basis with Citigroup and J.P. Morgan Securities Inc. as the senior managers.

The notes are due June 30, 2011.

Proceeds will be used to fund operating expenses, capital requirements and other obligations ahead of the collection of taxes and revenues.

L.A. college deal planned

Out on the horizon, the Los Angeles Community College District is set to price $875 million in series 2010 Build America Bonds on July 19, said a sales calendar. The offering is part of a $1 billion deal that also includes a $125 million sale of general obligation bonds by the district, which is expected to price Wednesday.

The bonds (Aa2/AA/) will be sold through Citigroup.

Proceeds will be used to install upgraded emergency lighting and security systems at all community colleges in the city, improve and add walkways, sidewalks and roads at the campuses and construct energy infrastructure systems.

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