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Municipals close narrowly mixed ahead of subdued supply; Hawaii readies $850.55 million deal
By Sheri Kasprzak
New York, March 11 – Municipals closed a slow session mostly flat with some weakness seen in short maturities, traders said.
Short bonds were about 1 basis point higher. The 10-year triple-A bond yield held steady at 1.90% and the 30-year at 2.91%.
Meanwhile, Treasuries took a beating during the session, pushed down by speculation that the Fed could hike rates again in April or June.
Coming up in the week ahead, the new-issue calendar will be comparatively subdued, with about $7.6 billion of new offerings. This week’s calendar included about $10 billion of new deals.
Hawaii leads offerings
Heading up the new-issue calendar, the State of Hawaii will offer a mixed negotiated and competitive deal totaling $850.55 million. Pricing is scheduled for Tuesday.
The deal includes $500 million of series 2016FB bonds due 2019 to 2036, $25 million of series 2016FC taxable general obligation bonds due 2017 to 2021, $6 million of series 2016FD refunding G.O. bonds due 2016, $182,385,000 of series 2016FE refunding G.O. bonds due 2019 to 2028 and $137,165,000 of series 2016FF refunding G.O. bonds due 2019 to 2028.
The 2016FB and 2016FC bonds will be sold competitively. BofA Merrill Lynch and Goldman Sachs & Co. will act as senior managers for the remainder of the deal.
The state plans to use the proceeds for capital expenditures and to refund its series 2008DK, 2008DN, 2009DQ and 2011DZ bonds.
Connecticut preps G.O. bonds
Another major state G.O. bond offering is heading to market. The State of Connecticut is on tap to price $550 million of series 2016A G.O. bonds (Aa3/AA/AA) on Wednesday.
The bonds will be sold through senior manager Ramirez & Co. Inc. and are due 2017 to 2036.
Proceeds will be used to finance capital expenditures for the state.
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