Municipals end unchanged; North Carolina sells $329.36 million G.O. bonds; Wisconsin prices

By Sheri Kasprzak

New York, Feb. 24 – Municipals were mostly flat to close a more subdued session, market insiders said. Yields were little moved as the last few offerings of the week priced.

The triple-A 10-year muni bond yield closed the session Wednesday at 1.79% and the 30-year bond yield at 2.82%.

Meanwhile, Treasuries were narrowly mixed as stocks made a recovery from early losses. The 30-year and 10-year Treasury yields both rose by 1 bp while shorter maturities fell by 1 bp.

North Carolina brings G.O.s

Heading up the day’s primary action, North Carolina led a busy day for competitive offerings with $329.36 million of series 2016A general obligation bonds.

The bonds (Aaa/AAA/AAA) are due 2017 to 2030 with 3% to 5% coupons and yields from 0.41% to 2.61%.

Proceeds will be used to refund the state’s series 2003A public improvement bonds, 2006A clean water bonds, 2006A higher education bonds, 2007A public improvement bonds and 2010A public improvement bonds.

Wisconsin sells bonds

Elsewhere in the state G.O. sector, Wisconsin sold $295,185,000 of series 2016A G.O. bonds, said a pricing sheet.

The bonds (/AA/) were sold competitively. BofA Merrill Lynch won the bid at a 3.236502% true interest cost, said David Erdman with the Wisconsin Department of Administration.

The bonds are due 2024 to 2036 with 5% coupons and yields from 1.63% to 2.64%.

Proceeds will be used for various governmental purposes and to fund a portion of the state’s outstanding G.O. extendible municipal commercial paper notes.

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