Municipal yields hold steady; Municipal Electric Authority of Georgia to sell $2.5 billion

By Sheri Kasprzak

New York, Feb. 26 - Municipal yields were largely unchanged on Friday as trading nearly ground to a halt. A major snowstorm in the Northeast was a likely culprit for the light trading volume.

"It is really dead around here," said one New York-based trader.

"There's not much to report. We're holding steady. Most people are taking the day off, so it's been quiet."

Amid the light activity, Miami-Dade County, Fla.'s recently priced water and sewer bonds were seen moving. The 4.625% 2030s were trading at 4.474%.

In other trading action, the Dormitory Authority of the State of New York's recently priced mental health services bonds were receiving some interest. The 4% 2013 bonds were trading at 1.48%.

MEAG to sell $2.5 billion

Coming up during the week of March 1, the Municipal Electric Authority of Georgia is set to bring $2.533 billion in series 2010 Plant Vogtle project bonds, said a calendar of upcoming deals.

The offering includes $953.24 million in series 2010A project M Build America Bonds, $19.68 million in series 2010B project M tax-exempt bonds, $1.115 billion in series 2010A project J Build America Bonds, $26.57 million in series 2010B project J tax-exempt bonds, $410.88 million in series 2010A project P Build America Bonds and $8.245 million in series 2010B project P tax-exempt bonds.

The bonds will be sold through senior manager Goldman, Sachs & Co.

The 2010A project M bonds are due 2019 to 2057, and the 2010B project M bonds are due 2017 to 2029 with a term bond due 2040. The 2010A project J bonds are due 2018 to 2057, and the 2010B project J bonds are due 2017 to 2021 with a term bond due 2040. The 2010A project P bonds are due 2018 to 2057, and the 2010B project P bonds are due 2017 to 2020 with a term bond due 2040.

Proceeds will be used to construct new Plant Vogtle electric generation facilities.

Dasny sale ahead

Looking to Wednesday, the Dormitory Authority of the State of New York plans to bring its previously announced $634.43 million in series 2010 state personal income tax revenue bonds, said a sales calendar.

The deal includes $373.955 million in series 2010A tax-exempt bonds, $46.7 million in series 2010B federally taxable bonds and $213.775 million in series 2010C Build America Bonds.

The bonds (/AAA/AA-) will be sold through senior managers RBC Capital Markets Corp. and Loop Capital Markets LLC.

Proceeds will be used to finance capital grants under the Heal NY Grant Program and various environmental and infrastructure projects throughout the state.

Fairfield University to sell

Out on the horizon, the Connecticut Health and Educational Facilities Authority is expected to bring $85 million in series 2010 revenue bonds for Fairfield University, said a preliminary official statement.

The sale includes $73 million in series 2010O new money bonds and $12 million in series 2010P refunding bonds.

The bonds (A3/A-/) will be sold on a negotiated basis with J.P. Morgan Securities Inc. as the senior manager.

Proceeds will be used to refund the university's existing series H bonds and make a deposit to a debt service reserve fund.

The university is located in Fairfield, Conn.

Seminole County to price

Also ahead, Seminole County in Florida plans to bring $76.005 million in series 2010 water and sewer revenue bonds, said a preliminary official statement.

The deal includes $4.405 million in series 2010A bonds, $59.36 million in series 2010B Build America Bonds and $12.24 million in series 2010C recovery zone economic development Build America Bonds.

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

The 2010A bonds are due 2011 to 2025. The 2010B bonds and 2010C bonds are due 2040.

Proceeds will be used to fund various capital infrastructure projects.

The county seat is Sanford, Fla.

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