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Municipals end weaker as Treasuries dive; New York City Water brings $343.6 million of bonds
By Sheri Kasprzak
New York, March 1 – Municipals rounded out a busy session on a weaker note as Treasuries took a hit on improved manufacturing data, market insider said.
Yields on top-rated munis were higher by 4 basis points to 6 bps, softer but outperforming Treasuries, which saw yields rise as much as 9 bps.
It was a busy session for the primary market with retail order periods wrapping up on the week’s largest offerings, including a $1.2 billion deal from the Los Angeles Unified School District.
New York water bonds price
Among the larger deals priced Tuesday, the New York City Municipal Water Finance Authority hit the market with $343,665,000 of series 2016CC-1 water and sewer system second general resolution revenue bonds. The deal was upsized from $335 million.
The bonds (/AA+/) were sold through senior managers Citigroup Global Markets Inc., Barclays, Ramirez & Co. Inc. and Raymond James/Morgan Keegan.
The bonds are due 2020 to 2021 and 2033 to 2038 with 4% to 5% coupons.
Proceeds will be used to refund the authority’s series 2006B revenue bonds.
Delaware brings debt
In other pricing action, the State of Delaware sold $200,605,000 of series 2016 general obligation bonds.
The offering includes $180,385,000 of series 2016A G.O. bonds and $20.22 million of series 2016B AMT G.O. bonds.
The 2016A bonds are due 2019 to 2036 with 2.125% to 5% coupons and yields from 0.64% to 3.17%.
The 2016B bonds are due 2017 to 2019 with 5% coupons and yields from 0.49% to 0.84%.
The bonds (Aaa/AAA/AAA) were sold competitively.
Proceeds will be used to finance capital projects for the state.
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