Municipal yields close unchanged; Miami-Dade County Expressway Authority to sell $350 million

By Sheri Kasprzak

New York, July 19 - Municipal yields were largely unmoved in a very quiet session, said a trader.

"It feels firmer, but it's been a really quiet day," he said.

"It's basically unchanged. There might be some slight improvement in spots, but I'd call it unchanged."

In the primary market, new issues were stacking up on the calendar. The week's action will be led by a $1.3 billion sale of series July 2010 general obligation certificates from the State of Illinois.

The certificates will be sold competitively and are due April 15, 2011, May 20, 2011 and June 14, 2011.

"Maybe by going competitive, they can get a little bit better in terms of pricing, but who knows," said one sellsider asked about the deal.

"It's always a toss-up, and you can never be sure if you should have gone negotiated until you see where your pricing came in."

The Illinois certificates will fund payments on fiscal 2010 obligations from revenue shortfalls versus budgeted amounts in the year.

San Francisco sale ahead

Coming up on Thursday, the Public Utilities Commission of the City and County of San Francisco is set to bring $453.62 million in series 2010 revenue bonds (Aa2/AA-/) competitively.

The offering is comprised of $66.84 million in series 2010D subordinate bonds and $386.78 million in series 2010E subordinate bonds.

Proceeds will be used to finance and refinance various capital projects.

King County preps deal

Meanwhile, Tuesday's action will be led by a $336.035 million sale of series 2010 sewer revenue and refunding bonds from King County in Washington.

The bonds (/AA+/) will be sold on a competitive basis with Seattle Northwest Securities Inc. as the financial adviser.

Proceeds will be used to finance improvements to the county's sewer system as well as refund existing sewer revenue bonds.

The county seat is Seattle.

Miami expressway sets sale

Coming up, the Miami-Dade County Expressway Authority is expected to sell $350 million in series 2010 toll system revenue bonds, said a preliminary official statement. Pricing is expected during the week of Aug. 2.

The bonds (A3/A/A-) will be sold on a negotiated basis with Citigroup Global Markets Inc. as the senior manager.

The authority plans to use the proceeds to finance its 2011 to 2015 work program.

Florida utility bonds planned

Also ahead, the Florida Governmental Utility Authority plans to price $62.325 million in series 2010 North Fort Myers Utility System revenue bonds, said a preliminary official statement.

The offering includes $9.955 million in series 2010A tax-exempt bonds and $52.37 million in series 2010B Build America Bonds.

Wells Fargo Securities LLC is the senior manager.

The proceeds will be used to fund improvements to the North Fort Myers utility system.

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