Munis close flat despite weaker Treasuries; Orlando Health downsizes deal to $242.68 million

By Sheri Kasprzak

New York, April 14 – Municipals rounded out another busy session unchanged even as Treasuries took a hit on stronger data and an influx of corporate bond supply, market insiders said.

The 10-year triple-A bond yield closed the day at 1.70% and the 30-year yield at 2.68%.

Meanwhile, Treasuries ended weaker with the 10-year Treasury note and 30-year Treasury bond yields both rising by 3 basis points to 1.80% and 2.61%, respectively.

Orlando Health bonds price

Heading to the day’s primary action, the Orange County Health Facilities Authority of Florida priced $242.68 million of series 2016 hospital revenue and refunding bonds for the Orlando Health Obligated Group. The deal was downsized from $381,525,000.

The deal included $175.6 million of series 2016A refunding bonds and $67.08 million of series 2016B revenue bonds.

The 2016A bonds are due 2019 to 2040 with 3% to 5% coupons.

The 2016B bonds are due 2044 to 2045 with 4% to 5% coupons.

The bonds (A2/A/A) were sold through senior managers Goldman Sachs & Co., Morgan Stanley & Co. LLC and SunTrust Robinson Humphrey.

Proceeds will be used to current refund the authority’s series 2006B bonds, to advance refund its series 2008A-C bonds and to refinance its 2012 notes.

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