| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers K > Headlines for King County > News item |
Municipals hold on to firmer tone as new issues hit market; Harris County, Texas, prices TANs
By Sheri Kasprzak
New York, July 22 – Municipals retained their firmer tone, moving in sympathy with improved Treasuries, market insiders said, with secondary market activity getting a boost.
Yields were seen better by about 1 basis point to 2 bps, with longer bonds experiencing the biggest boost. Secondary action picked up, said a trader during the afternoon.
Moving over to the Treasuries market, data shoved yields a bit lower. The 30-year Treasury yield fell by 1 bp to close at 3.254%, and the 10-year note yield fell by about half a basis point to close at 2.469%.
Harris County sells notes
Moving to the day’s primary action, Harris County, Texas, came to market with $225 million of series 2014 tax anticipation notes.
The notes (/SP-1+/F1+) were sold competitively. Raymond James/Morgan Keegan took $50 million of the notes, Goldman Sachs & Co. won $50 million, FTN Financial Inc. took $50 million, Barclays won $25 million, RBC Capital Markets LLC took $25 million, and Wells Fargo Securities LLC won $25 million. The weighted average true interest cost was 0.07075%, said a pricing sheet.
Of the notes, $200 million are due Feb. 27, 2015, bear interest at 1% and priced at 100.522 and $25 million are due Feb. 27, 2015, have a 2% coupon and priced at 101.083.
Proceeds will be used to finance general cash flow needs for the 2015 fiscal year ahead of the collection of ad valorem taxes.
King County upsizes deal
In other pricing news, King County, Wash., priced $192.46 million of series 2014B sewer revenue refunding bonds. The offering was upsized from $134.18 million.
The bonds are due 2015 and 2018 to 2035 with 1% to 5% coupons and 0.10% to 3.61% yields, according to a pricing sheet.
The bonds (Aa2/AA+/) were sold through J.P. Morgan Securities LLC.
Proceeds will be used to refund existing sewer revenue bonds.
© 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.