Los Angeles, Dallas price bonds; Wake Forest University, San Diego Unified School on tap

By Cristal Cody

Eureka Springs, Ark., June 30 – Municipal bond yields ended weaker on Thursday by 1 basis point to 3 bps on the longer end of maturities in secondary trading, according to a market source.

Treasuries improved over the session. The 10-year Treasury note yield fell 4 bps to 1.45%, while the 30-year bond yield closed 3 bps lower at 2.27%.

In new pricing action, the City of Los Angeles sold $1,447,680,000 of tax and revenue anticipation notes.

The City of Dallas priced $540,345,000 of waterworks and sewer revenue bonds.

In addition, the Commonwealth of Massachusetts sold $250 million of 30-year green bonds.

Two issuers joined the upcoming deal pipeline.

North Carolina Capital Facilities Finance Agency intends to price $175 million of revenue and revenue refunding bonds for Wake Forest University.

San Diego Unified School District is marketing $195 million of tax and revenue anticipation notes.

Los Angeles prints TRANs

Los Angeles priced $1,447,680,000 of series 2016 TRANs, according to an official statement.

The $300 million tranche of 2% series A notes due March 30, 2017 priced at 101.025 to yield 0.59%.

The city sold $1,247,680,000 of 3% series B notes due June 29, 2017 at 102.253 to yield 0.68%.

The notes (MIG1/SP-1+/F1+) were sold on a negotiated basis via Morgan Stanley & Co. LLC and Ramirez & Co. Inc.

Proceeds will be used to finance capital expenditures in the coming fiscal year.

Dallas prices bonds

Dallas sold $540,345,000 of series 2016 waterworks and sewer revenue bonds, according to an official statement.

The deal included $370.1 million of series 2016A revenue refunding bonds and $170,245,000 of series 2016B taxable revenue refunding bonds.

The bonds (/AAA/AA+) were sold on a negotiated basis with Goldman Sachs & Co. and Loop Capital Markets LLC as the senior managers.

Proceeds will be used to refund the city’s series 2006, 2007, 2008, 2010, 2011, 2012 and 2013A revenue bonds.

Massachusetts green bonds

Massachusetts sold $250 million of 3.277% 30-year consolidated loan of 2016 series F green bonds at par, according to an official statement.

The term bonds (Aa1/AA+/AA+) are due June 1, 2046.

BofA Merrill Lynch was the bookrunner for the negotiated deal.

Proceeds will be used to finance or reimburse the commonwealth for capital expenditures, including storm water projects, energy conservation and open space protection.

North Carolina Capital on tap

North Carolina Capital Facilities Finance Agency intends to price $175 million of series 2016 education facilities revenue and revenue refunding bonds (Aa3/AA) for Wake Forest University, according to a preliminary official statement.

The bonds have serial maturities from Jan. 1, 2021 through Jan. 1, 2039 and a term bond due Jan. 1, 2046.

Wells Fargo Securities, LLC is the senior manager of the negotiated offering. BB&T Capital Markets and Morgan Stanley are co-managers.

Proceeds will be used to advance refund the university’s series 2009 revenue bonds, to repay a portion of a line of credit with Branch Banking and Trust Co and to pay the balance of university construction and improvements costs.

San Diego school offering

San Diego Unified School District in San Diego County, Calif., plans to offer $195 million of series A 2016-17 TRANs (/SP-1+/), according to a preliminary official statement.

The notes are due June 30, 2017.

BofA Merrill Lynch and Citigroup Global Markets Inc. will manage the negotiated transaction.

Proceeds will be used to provide funds to meet fiscal year 2016-17 general fund expenditures, including operating expenses, capital expenditures and discharge of district debt.

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