Munis mostly flat in post-holiday trading; Long Beach Unified School District preps offering

By Cristal Cody

Eureka Springs, Ark., March 28 – Municipal bonds traded flat to 1 basis point tighter on Monday in light activity.

“It’s relatively quiet out there getting back from the holiday,” a trader said.

Treasuries ended modestly better with the 10-year note yield 2 bps lower at 1.86%.

In new issuance, Pennsylvania Housing Finance Agency sold $162,095,000 of single family mortgage revenue bonds.

Also, details emerged on Cleveland County Educational Facilities Authority’s $103,045,000 offering of educational facilities lease revenue bonds.

Coming up in new issuance, the Long Beach Unified School District of California’s Los Angeles County plans to price $145.25 million of general obligation refunding bonds on Thursday.

Pennsylvania Housing prices

The Pennsylvania Housing Finance Agency sold $162,095,000 of single family mortgage revenue bonds, according to an official statement.

The series 2016-119 bonds (Aa2/AA+) have maturities from 2016 through 2027 with coupons from 0.60% on the short end to 2.85% on the long end.

The issue also included bonds due Oct. 1, 2031, Oct. 1, 2036 and Oct. 1, 2042 that priced with coupons from 3.2% to 3.5%.

The bonds were sold on a negotiated basis with J.P. Morgan Securities LLC as the bookrunner.

Proceeds will be used to refund certain outstanding single family mortgagee revenue bonds and to provide funds to purchase new mortgage loans.

Moore schools bonds price

The Cleveland County Educational Facilities Authority in Norman, Okla., priced $103,045,000 of educational facilities lease revenue bonds for the Moore Public Schools Project, according to an official statement.

The series 2016 bonds (/A+/) are due 2017 through 2023 and priced with 2% to 5% coupons to yield 0.9% to 2.15%.

D.A. Davidson & Co. managed the negotiated sale.

Proceeds will be used to finance the costs to acquire, construct, repair and remodel school buildings, to acquire school furniture, fixtures and equipment and to improve school sites.

Long Beach district deal ahead

Looking ahead to Thursday’s deal pipeline, the Long Beach Unified School District of California plans to price $145.25 million of G.O. refunding bonds via a competitive sale, according to a preliminary official statement and notice of sale.

The series 2016 bonds (Aa2//) have serial maturities from Aug. 1, 2016 through Aug. 1, 2033.

The financial manager is Keygent LLC.

Proceeds will be used to refund outstanding bonds.

San Diego Facilities prepares

Also in the pipeline, the San Diego Public Facilities Financing Authority intends to price $105.24 million of lease revenue refunding bonds, according to a preliminary official statement.

The series 2016 bonds (/AA-/A+) have serial maturities from Oct. 15, 2016 through Oct. 15, 2031.

RBC Capital Markets LLC is the bookrunner.

Proceeds will be used to refund the authority’s series 2007A ballpark refunding lease revenue refunding bonds.

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