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Municipals climb; Utah Housing prices; new issues reportedly non-existent ahead of Christmas
By Sheri Kasprzak
New York, Dec. 18 – Municipals rallied to close the slow week as an even slower week approaches ahead of Christmas, market sources said.
Yields on top-rated municipals fell by as much as 3 basis points on Friday with the 10-year bond yield falling by 3 bps to 1.98%.
Weaker stocks, meanwhile, pushed Treasuries higher for the most part with the two-year note yield shrinking by 5 bps and the 10-year yield dipping by 4 bps even as the 30-year bond yield rose by 3 bps.
Looking to the week ahead, new-issue action will grind to a halt ahead of Christmas. Market sources reported no significant offerings in the pipeline.
Meanwhile, Lipper Inc. reported $304 million of municipal mutual fund inflows for the week ended Dec. 16, the 1th consecutive week of inflows.
Utah Housing bonds price
Among the last of the week’s sparse offerings priced Friday. The Utah Housing Corp. hit the market with $114,765,000 of series 2015D single-family mortgage bonds. The deal was upsized from $100.08 million.
The deal included $76,945,000 of series 2015D-1 bonds and $37.82 million of series 2015D-2 planned amortization class bonds.
The 2015D-1 bonds are due 2016 to 2026 with term bonds due in 2031 and 2036. The serial coupon ranged from 0.75% to 3.25% and all priced at par. The 2031 bonds have a 3.85% coupon, and the 2036 bonds have a 4% coupon; both priced at par.
The 2015D-2 bonds are due Jan. 1, 2045, have a 4% coupon and priced at 107.622 to yield 2.35%.
The bonds were offered through Barclays.
Proceeds will be used to fund and redeem outstanding single-family mortgage bonds.
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