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Municipals flat as week’s last deals price; Pennsylvania Turnpike upsizes to $649.55 million
By Sheri Kasprzak
New York, May 25 – Municipals were largely unchanged on the day Wednesday, ignoring a mixed Treasuries market, as the week’s final deals priced ahead of next week’s Memorial Day holiday, market insiders said.
The triple-A 10-year muni bond yield ended the day at 1.67% and the 30-year bond yield at 2.63%.
Pennsylvania Turnpike prices
The week’s largest offering came from the Pennsylvania Turnpike Commission. It sold $649,545,000 of series 2016B subordinate revenue refunding bonds. The deal was upsized from $545,135,000.
The bonds (A3//A-) were sold through PNC Capital Markets LLC.
The bonds are due 2021 to 2036 with a term bond due in 2039. The serial coupons range from 3% to 5% with yields from 1.57% to 3.28%. The 2039 bonds have a 5% coupon and priced at 115.463 to yield 3.18%.
Proceeds will be used to refund existing turnpike debt.
Chicago Midway bonds price
Another significant deal came from Chicago, which priced $348,315,000 of series 2016 revenue and refunding bonds for the Chicago Midway Airport.
The deal included $125.61 million of series 2016A AMT bonds and $222,705,000 of series 2016B non-AMT bonds.
The 2016A bonds are due 2017 to 2033 with 2% to 5% coupons and yields from 0.75% to 3.21%.
The 2016B bonds are due 2017 to 2022 and 2033 to 2037 with term bonds due in 2041 and 2046. The serial coupons range from 2% to 5% with 0.69% to 3.14% yields. The 2041 bonds have a 5% coupon and priced at 116.638 to yield 2.99%, and the 2046 bonds have a 5% coupon and priced at 116.186 to yield 3.04%.
The bonds (/A/A) were sold through Barclays.
Proceeds will be used to finance capital improvements to the airport and to refund existing bonds.
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