Municipals weaken as Treasuries get shoved by nonfarm payrolls; Georgia leads new offerings

By Sheri Kasprzak

New York, June 5 – Municipals fell on the day after positive nonfarm payrolls data sent Treasuries into a tailspin, market sources said.

Yields across the curve were higher by 2 to 3 basis points, outperforming Treasuries, which saw yields jump by as much as 10 bps.

Looking to the coming week, supply will hover around $7 billion, a slower pace than the recent trend.

Georgia to sell $1.3 billion

Heading up the new-issue calendar, Georgia will price $1,290,325,000 of series 2015 general obligation bonds on Tuesday.

The deal includes $563.35 million of series 2015A bonds, $447.83 million of series 2015B taxable bonds and $279,145,000 of series 2015C refunding bonds, said a preliminary official statement.

The 2015A bonds and the 2015B bonds are due 2016 to 2035. The 2015C bonds are due 2016 to 2020.

The bonds will be sold competitively with Public Resources Advisory Group LLC as the financial adviser.

Proceeds will be used to finance capital projects and refund G.O. debt.

Atlanta preps G.O. bonds

Also out of the Peach State, Atlanta will offer $252 million of G.O. public improvement bonds on Wednesday.

The bonds (Aa2/AA/) will be sold competitively and are due 2017 to 2034.

Proceeds will be used to finance improvements and repairs to city infrastructure.

Dasny to price debt

Another major offering for the week comes from the Dormitory Authority of the State of New York, which is on the calendar with $1,178,090,000 of series 2015 state personal income tax revenue bonds on Thursday.

The deal includes $1,050,550,000 of series 2015B tax-exempt bonds, $29.92 million of series 2015C tax-exempt bonds and $97.62 million of series 2015D taxable bonds.

The maturities have not been set.

The bonds will be sold competitively.

Proceeds will be used to finance capital projects and refund existing debt.

Miami-Dade deals planned

Two deals are ahead this week from Miami-Dade County, Fla.

The county will price $534.18 million of aviation revenue and refunding bonds (/A/AA-) on Wednesday with RBC Capital Markets LLC as the senior manager.

The deal includes $495.57 million of series 2015A AMT revenue and refunding bonds and $38.61 million of series 2015B non-AMT revenue refunding bonds.

Proceeds will be used to finance capital improvement projects at the Miami-Dade County Department of Aviation and to refund the county’s series 2005A-B, 2007B, 2007D, 2008D and 2009B revenue bonds.

The Miami-Dade County School Board is on tap to price $460.74 million of certificates of participation during the week.

Citigroup Global Markets Inc. is the senior manager for the bonds (A1/A/), which are due 2016 and 2019 to 2033.

Proceeds will refund the board’s series 2008B COPs.

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