Municipals close out week mostly unchanged; $4.1 billion of new deals expected in week ahead

By Sheri Kasprzak

New York, Feb. 8 - Municipal yields were largely unmoved on Friday to close out a week where yields were mostly range-bound, market sources said.

A trader in the afternoon said trading activity was relatively light, but a block of Hawaii's general obligation bonds that priced Jan. 30 were seen trading firmer.

The week ahead will prove to be another slow week for new issues with about $4.1 billion of new offerings coming, said Alan Schankel, managing director with Janney Montgomery Scott LLC.

San Francisco utilities ahead

Among the new offerings coming up, the San Francisco Public Utilities Commission plans to price $335,255,000 of series 2013B wastewater revenue bonds (Aa3/AA-/) competitively on Tuesday.

The bonds will finance capital projects and retire commercial paper notes.

Also out of California, the City of Los Angeles is slated to price $152.4 million of solid waste revenue bonds on Tuesday in two tranches.

The deal includes $71,735,000 of series 2013A revenue bonds and $80,665,000 of series 2013B refunding bonds.

Proceeds from the bonds (Aa2/AA/AA-) will be used to finance solid waste facilities projects and to refund the city's series 2003A-B and series 2004A revenue bonds.

Virginia to price G.O. bonds

In other competitive offerings, the Commonwealth of Virginia is slated to sell $236.5 million of G.O. bonds on Wednesday.

That deal will be conducted in two tranches: $17.04 million of series 2013A G.O. bonds due 2014 to 2033 and $219.46 million of series 2013B G.O. refunding bonds due 2016 to 2017 and 2019 to 2030.

Proceeds from the bonds (Aaa/AAA/AAA) will be used to finance revenue-producing capital projects at various higher educational institutions within the commonwealth and to refund existing G.O. bonds.

Santa Clara deal postponed

In other primary news, Santa Clara County, Calif., delayed its planned $490 million offering of election of 2008 series 2013B G.O. bonds until Feb. 20, according to a supplement to the county's preliminary official statement.

The offering had been slated to price Thursday.

The bonds (/AA+/AA+) were set to price competitively, and proceeds from the sale will be used to finance seismic improvements to the Santa Clara Valley Medical Center in San Jose as well as to construct and acquire medical facilities in San Jose.

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