Municipals end flat to better ahead of $8.2 billion issue slate; North Texas Tollway deal set

By Sheri Kasprzak

New York, April 29 – Municipals rounded out the week unchanged to slightly better, market insiders said, as the market awaits $8.2 billion of new offerings.

The 10-year triple-A muni bond yield fell by 1 basis point to 1.61%, and the 30-year bond yield held steady at 2.58%.

Meanwhile, Treasuries were flat to slightly better as well amid weaker-than-expected data.

Looking at the week ahead, new-issue activity will pick up with about $8.2 billion of new offerings expected.

North Texas readies deal

Coming up during the week ahead, the North Texas Tollway Authority is on the calendar with $947.02 million of series 2016A revenue refunding bonds (A1/A/).

The bonds are expected to price Wednesday through J.P. Morgan Securities LLC.

The bonds are due 2017 to 2036 with a term bond due in 2039.

Proceeds will be used to refund a portion of the authority’s series 2008A-B, 2008D and 2009A revenue bonds.

New York State Thruway set

Another significant transportation deal is also in the works for the week.

The New York State Thruway Authority will price $850 million of series 2016A general revenue junior obligations (A3/A-/) on Wednesday.

The bonds will be sold through senior managers Citigroup Global Markets Inc. and Siebert Brandford Shank & Co. LLC.

The bonds are due 2033 to 2041 with term bonds due in 2046, 2051 and 2056.

Proceeds will be used to finance the construction of the new New York bridge project.

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