Yields flatten in light trading action; Clark County, Nev., preps $578 million sale for Tuesday

By Sheri Kasprzak

New York, Feb. 5 - Municipals were seen flat on Friday in a day of light trading, a trader reported.

"It's been really quiet," reported one trader reached Friday afternoon. "Mostly flat."

During the week ended Feb. 3, municipal bond fund flows were reportedly $691.4 million, with $3.1 billion reported for the year to date.

Meanwhile, primary action will heat up in the coming week, with billions in sales planned. The deal of the week comes from Clark County in Nevada, which is scheduled to bring to market $578 million in series 2010 airport system revenue bonds Tuesday.

The deal includes $453 million in series 2010C Build America Bonds and $125 million in series 2010D Build America Bonds.

The bonds (Aa2/AA-/) will be sold on a negotiated basis. Citigroup Global Markets Inc. is the bookrunner for the 2010A bonds, and Siebert Brandford Shank & Co. LLC is the bookrunner for the 2010B bonds.

Proceeds will be used to fund capital improvements to the county's airport system.

The county seat is Las Vegas.

Hawaii says aloha to $534.33 million

On Wednesday, the Aloha State is set to sell $534.325 million in series 2010 general obligation and G.O. refunding bonds, said a preliminary official statement.

The sale includes $312 million in series 2010DX G.O. bonds and $222.325 million in series 2010DY G.O. refunding bonds.

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

The 2010DX bonds are due 2015 to 2030, and the 2010DY bonds are due 2015 to 2020.

Proceeds will be used to refund several series of Hawaii's existing bonds.

Yale to sell $540 million

Also on Wednesday, the Connecticut Health and Educational Facilities Authority is expected to bring to market $540 million in series 2010A revenue bonds for Yale University, according to a preliminary official statement.

The bonds (Aaa/AAA/) will be sold on a negotiated basis with Barclays Capital Inc. and J.P. Morgan Securities Inc. as the lead managers.

Proceeds will be used to fund the construction, renovation, equipment and repair of a number of buildings on the Yale campus in New Haven, Conn.

Wisconsin sale ahead

The State of Wisconsin is set to price $202.975 million in series 2010-1 G.O. refunding bonds on Wednesday, said a sale calendar.

The bonds will be sold through senior manager Bank of America Merrill Lynch.

The bonds are due 2012 to 2029.

Proceeds will be used to refund existing bonds.

Kentucky hospital bonds scheduled

Out on the horizon, the Kentucky Economic Development Finance Authority is expected to price $544.935 million in series 2010 revenue bonds for Owensboro Medical Health System Inc., according to a preliminary official statement.

The bonds will be sold through senior managers Bank of America Merrill Lynch and JPMorgan.

Proceeds will be used to reimburse Owensboro Medical for or finance the construction of facilities.

The health system is based in Owensboro, Ky.

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