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Municipals round out week stronger as Treasuries rally; Utah Transit deal tops new offerings
By Sheri Kasprzak
New York, Jan. 23 – Municipals closed out a volatile week on a stronger note, pushed in part by rallying Treasuries, market sources said.
A trader reached in the late afternoon said yields on long bonds were lower by as much as 3 basis points.
Looking to Treasuries, the yield on the 10-year benchmark note was down 9 basis points, and the 30-year bond yield fell by 8 bps.
Muni new-issue activity in the week ahead will prove to be healthy but not as robust as the previous week, said one market insider. More than $9 billion of new offerings were well-digested, said the insider.
Utah Transit deal set
Heading up the coming week’s new issues, the Utah Transit Authority is slated to price $831.64 million of series 2015 revenue refunding bonds (Aa2).
The bonds will be sold through Morgan Stanley & Co. LLC.
The offering includes $639.43 million of series 2015A sales tax revenue refunding bonds, which are due 2020 to 2021 and 2023 to 2035 with a term bond due in 2038, and $192.21 million of series 2015B subordinated sales tax revenue refunding bonds, which are due 2020 to 2035 with a term bond due in 2037.
The authority plans to use the proceeds to refund its series 2007A, 2008A, 2009A and 2012A revenue bonds initially issued for capital projects.
East Bay bonds to price
Coming up on Wednesday, the East Bay Municipal Utility District of California is scheduled to price $442 million of series 2015A water system revenue refunding bonds (Aa1/AAA/AA+).
The bonds will be sold through senior managers J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Morgan Stanley.
Proceeds from the sale will be used to refund outstanding district debt.
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