| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers Review > Headlines for 2016 > News item |
Municipals end session on stronger note; San Francisco Public Utilities Commission sells bonds
By Sheri Kasprzak
New York, May 10 – Municipals rounded out the session on a positive note with yields falling as much as 2 basis points as the week’s new issues started to price, market insiders said.
The 10-year triple-A muni bond yield fell by 2 bps to 1.64%. The 30-year bond yield fell by 1 bp to 2.64%.
Meanwhile, the Public Utilities Commission of the City and County of San Francisco sold $308.4 million of series 2016 wastewater revenue bonds.
The offering included $240.58 million of series 2016A green bonds and $67.82 million of series 2016B bonds.
The bonds are due 2023 to 2040 with term bonds due in 2042 and 2046. The serial coupons range from 4% to 5% with yields from 1.24% to 2.70%. The 2042 bonds have a 4% coupon and priced at 110.244 to yield 2.75%, and the 2046 bonds have a 4% coupon and priced at 109.897 to yield 2.79%.
The bonds (Aa3/AA) were sold on a competitive basis with J.P. Morgan Securities LLC winning the bid at a 3.213% true interest cost.
Proceeds will be used to finance and refinance capital projects to improve the commission’s wastewater system.
California DWR sells debt
In another new offering out of the Golden State, the California Department of Water Resources priced $106.53 million of series AV water system revenue bonds. The deal was downsized from $107,735,000.
The bonds (Aa1/AAA) were sold competitively. Morgan Stanley & Co. LLC won the bid at a 2.369765% TIC.
The bonds are due 2018 to 2035 with 4% to 5% coupons and yields from 0.68% to 2.40%.
Proceeds will be used to refund all or a portion of the department’s series 1 commercial paper notes.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.