Municipal yields flat in quiet trading; Missouri Joint Municipal Electric bonds to price

By Sheri Kasprzak

New York, Dec. 4 - Municipal yields were relatively unmoved to round out the week, said a trader reached during the afternoon.

"It has been a very quiet day," the trader said.

"We're seeing a few things trading here and there, but the tone is flat overall. Not a lot of movement really anywhere."

Amid the light trading, the Industrial Development Authority of Winchester, Va., saw its recently priced series 2009E bonds sold for Valley Health System Obligated Group trading. The 5.75% 2039 bonds were seen trading near par during the afternoon.

In other health care offerings, the Orange County Health Facilities Financing Authority's bonds priced for Orlando Health were seen moving. The 5.125% 2026s were seen at 5.145% Friday afternoon.

Also on Friday, Piedmont Municipal Power Agency, S.C., saw its series 2009B Build America Bonds trading. The 7.036% 2034 bonds were trading at 6.864%.

Missouri electric sale ahead

Looking ahead to the coming week, the Missouri Joint Municipal Electric Utility Commission is set to sell $206.12 million in series 2009 power project revenue bonds, according to a preliminary official statement. The bonds will be sold Wednesday, according to a sales calendar.

The deal includes $192 million in series 2009A Build America Bonds and $14.12 million in series 2009B taxable bonds.

The bonds will be sold on a negotiated basis with J.P. Morgan Securities Inc. as the lead manager.

The series 2009A bonds are due 2014 to 2027 with term bonds. The series 2009B bonds are due 2014 to 2016.

Proceeds will be used to fund the acquisition and construction of the Prairie State Project, a coal-fired power generating station.

D.C.'s $646 million bonds to price

Wednesday will offer the largest deals of the week. The District of Columbia is scheduled to sell $646.845 million in series 2009 income tax secured revenue bonds (Aa2/AAA/AA) through JPMorgan and Loop Capital Markets LLC.

The deal includes $46.845 million in series 2009D tax-exempt bonds and $600 million in series 2009E Build America Bonds.

Proceeds will be used to fund capital projects.

Also on Wednesday, the City of New York is expected to price $700 million in series 2009 fixed-rate tax-exempt refunding bonds (Aa3/AA/AA-) with Citigroup Global Markets Inc. as the lead manager.

Proceeds will be used to refund existing debt.

Massachusetts college building deal planned

In Monday's pricing activity, the Massachusetts State College Building Authority is expected to come to market with $151.095 million in series 2009 project revenue bonds.

The sale includes $84.045 million in series 2009B bonds and $67.05 million in series 2009C Build America Bonds.

Jefferies & Co. and Barclays Capital Inc. are the senior managers.

Proceeds will be used to fund infrastructure projects at colleges within the state.

Illinois Finance to price health care bonds

Moving to Tuesday's pricing action, the Illinois Finance Authority plans to price $237.235 million in series 2010 revenue bonds through Citigroup.

Proceeds from the sale will be used to construct a patient tower at the BroMenn Regional Medical Center.

Also coming up on Tuesday, the Oregon Facilities Authority plans to price for Legacy Health System $127.165 million in series 2010A refunding revenue bonds through Citigroup.

Proceeds will be used to refund Legacy Health's series 1999 and series 2003 bonds.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.