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Municipals improve along with Treasuries; Northeast Ohio Regional Sewer prices revenue bonds
By Sheri Kasprzak
New York, Dec. 10 – Municipals were stronger on Wednesday along with Treasuries as oil prices dropped, market insiders said.
Yields were lower by 3 to 4 basis points, staying mostly in line with Treasuries, traders said.
Munis saw another active primary day, and secondary action also remained strong, but new issues were generally seen trading at selling levels, a trader said in the afternoon.
Meanwhile, the five-year Treasury note yield fell by 5 bps, and the 10-year note and 30-year bond yields fell by 4 bps.
Northeast Ohio sewer deal prices
Heading up the day’s primary action, the Northeast Ohio Regional Sewer District hit the market with $414.55 million of series 2014 wastewater improvement revenue and refunding bonds.
The bonds were sold through BofA Merrill Lynch and KeyBanc Capital Markets Inc.
The bonds are due 2017 to 2034 with term bonds due in 2039, 2044 and 2049, according to a pricing sheet. The serial coupons range from 1.75% to 5%. The 2039 bonds have a 5% coupon priced at 116.007, and the 2044 bonds have a 5% coupon priced at 115.086. The 2049 bonds have a 4% coupon priced at 100.24 and a 5% coupon priced at 113.992.
Proceeds will be used to finance wastewater capital improvements and to refund the district’s series 2007 wastewater improvement revenue bonds.
Massachusetts water sells debt
Also during the session, the Massachusetts Clean Water Authority came to market with $228,355,000 of series 18 state revolving fund green bonds.
The bonds were sold through J.P. Morgan Securities LLC.
The bonds are due 2016 to 2038 with term bonds due in 2040 and 2045, said a pricing sheet. The serial coupons range from 1.5% to 5%. The 2040 bonds have a 5% coupon priced at 116.029, and the 2045 bonds have a 5% coupon priced at 115.428.
Proceeds will be used to finance clean water initiatives within the state.
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