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Municipals flat as last deals of week price; California PWB brings $223.16 million prison deal
By Sheri Kasprzak
New York, Nov. 12 – Municipals rounded out a busy session mostly unchanged Thursday as the week’s final offerings hit the market to good reception, traders reported.
Dealers saw newly priced bonds flying off the shelves Thursday, said a trader, even as yields held steady.
The 10-year benchmark muni yield remained at 2.19%, and the 30-year bond yield was flat at 3.19%.
Treasuries were mixed on the day with the 30-year bond yield falling 1 bps to 3.09% and the five-year yield rising 1 bp to 1.73%.
Corcoran prison bonds price
Among the new issues priced Thursday was a $223,155,000 offering of Department of Corrections and Rehabilitation lease revenue bonds from the California State Public Works Board for the Corcoran State Prison.
The bonds (A1/A+/A) were sold competitively with Morgan Stanley & Co. LLC wining the bid at a 3.16% true interest cost.
The bonds are due 2016 to 2035 with 3% to 5% coupons and yields from 0.43% to 3.606%.
Proceeds will be used to finance capital improvements at Corcoran State Prison.
Va. College Building sell debt
Elsewhere during the day, the Virginia College Building Authority sold $207.33 million of series 2015 educational facilities revenue refunding bonds.
The deal included $154,085,000 of series 2015A educational facilities revenue refunding bonds and $53,245,000 of series 2015B refunding bonds.
The 2015A bonds are due 2016 to 2040 with a term bond due in 2045. The serial coupons range from 3% to 5% with yields from 0.26% to 3.828%. The 2045 bonds have a 4% coupon and priced at 100.88 to yield 3.89%.
The 2015B bonds are due 2020 to 2038 with 3% to 5% coupons and yields from 1.44% to 3.78%.
The bonds were sold competitively with Wells Fargo Securities LLC winning both tranches at a 3.24% TIC for the 2015A bonds and a 2.65% TIC for the 2015B bonds.
Proceeds will refund existing revenue bonds.
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