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Municipal yields fall, Treasuries rally ahead of Greek deal; Massachusetts G.O. bonds ahead
By Sheri Kasprzak
New York, June 19 – Municipal yields dropped Friday to end the week as Treasuries rallied on a possible deal between Greece and its European creditors, market sources said. Meanwhile, the week ahead will offer more than $7.5 billion of new issues, up from the $6.5 billion slate that priced during the week just ended.
Yields on top-rated munis fell by as much as 3 basis points. The 10-year bond yield fell by 3 bps to 2.27%, and the 30-year bond yield fell 3 bps to 3.26%.
Over in the Treasuries market, as Greece prepares to meet with its European creditors, the 30-year bond yield fell by 9 bps and the 10-year yield also fell by 9 bps.
Massachusetts leads deals
Heading up the week’s new-issue calendar, Massachusetts is on tap to price $938.86 million of general obligation bonds (Aa1/AA+/AA+).
The deal will be conducted in two tranches: $250 million of series 2015C consolidated G.O. bonds due 2016 to 2032 with term bonds due in 2040 and $688.86 million of series 2015A G.O. refunding bonds due 2016 to 2037.
The bonds will be offered through BofA Merrill Lynch and Siebert Brandford Shank & Co. LLC.
Proceeds from the offering will be used to finance capital projects and to refund the state’s series 2005C, 2006D, 2007C and 2008A G.O. bonds.
Miami-Dade preps bonds
Also in the week ahead, Miami-Dade County, Fla., will be back in the market, this time with $219,165,000 of series 2015A public facilities revenue and refunding bonds (Aa3/A+/AA-). Pricing is scheduled for Wednesday.
The bonds will be sold through Siebert Brandford Shank.
Proceeds will be used to finance additions to health-care facilities and to refund the system’s series 2005 and 2009 revenue bonds.
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