Municipals improve as new issues hit market; Baltimore County brings $167.48 million G.O. bonds

By Sheri Kasprzak

New York, June 16 – Municipal yields fell Tuesday as the first offerings of the week hit the market, sources said.

Yields on triple A-rated bonds fell by as much as 4 basis points, said a trader in the afternoon.

Munis mostly followed in line with Treasuries. The 10-year Treasury note yield fell by 4 bps and the 30-year yield by 3 bps. Investors moved their holdings to safe havens Tuesday as Greece prepares to default on $1.8 billion of debt.

Baltimore County sells G.O.s

Heading up the day’s primary action, Baltimore County, Md., brought $167.48 million of series 2015 general obligation bonds.

The deal included $97.89 million of series 2015 metropolitan district refunding bonds and $69.59 million of series 2015 consolidated public improvement bonds, said a pricing sheet.

The metropolitan district bonds are due 2016 to 2030 with 2% to 5% coupons.

The consolidated public improvement bonds are due 2016 to 2027 with 2% to 5% coupons.

The bonds were sold competitively.

Proceeds will be used to refund the county’s 70th and 71st series metropolitan district bonds and its series 2006 and 2008 consolidated public improvement bonds.

NYC Transitional deal set

The New York City Transitional Finance Authority is ready to price $750 million of building aid bonds for institutions after a two-day retail order period.

The bonds (Aa2/AA/AA) will be sold through Goldman Sachs & Co. and Ramirez & Co. Inc.

The offering is one of two sizable deals from New York City this week. The Metropolitan Transportation Authority will come to market Thursday with $500 million of bond anticipation notes through a competitive sale.

The notes are due March 1, 2016.

Proceeds will fund transportation projects.

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