Munis hold steady; Wisconsin hits market with $598.13 million; Connecticut prices $500 million

By Sheri Kasprzak

New York, Aug. 3 – Municipals closed a busy session mostly flat as the market awaits nonfarm payrolls data on Friday, traders said.

The 10-year triple-A muni bond yield closed at 1.48% and the 30-year bond yield at 2.32%.

Treasuries were also flat. The 30-year Treasury bond yield ended the day at 2.29% and the 10-year note yield at 1.55%.

Wisconsin bonds price

Moving to the session’s new-issue action, Wisconsin priced $598.13 million of series 2016 general fund appropriation refunding bonds.

The offering included $399.83 million of series 2016A taxable refunding bonds and $198.3 million of series 2016B taxable refunding bonds.

The 2016A bonds are due 2020 to 2027 with 1.446% to 2.483% coupons. The 2016B bonds are due 2020 to 2029 with term bonds due in 2033 and 2037. The serial coupons range from 1.446% to 2.733%. The 2033 bonds have a 3.194% coupon, and the 2037 bonds have a 3.294% coupon.

All of the bonds priced at par.

The bonds were sold through Stifel, Nicolaus & Co. and Ramirez & Co. Inc.

Proceeds will be used to refund the state’s series 2003 and 2009 state appropriation bonds.

Connecticut brings bonds

In other offerings, Connecticut hit the market with $500 million of series 2016 general obligation bonds.

The deal included $250 million of series 2016D bonds and $250 million of series 2016A taxable bonds.

The 2016D bonds are due 2017 to 2036 with 3% to 5% coupons and yields from 0.65% to 3.067%.

The 2016A bonds are due 2017 to 2026 with coupons from 1% to 2.6% and yields from 0.81% to 2.562%.

The bonds (/AA-) were sold competitively, but the issuer did not immediately respond to requests for the winning bidder.

Proceeds will be used to finance statewide capital projects.

New York details G.O. bonds

Elsewhere in the market, the City of New York released details on its $1.05 billion general obligation bond offering completed Tuesday.

The deal included $800 million of series 2017A-1 tax-exempt bonds, $172,945,000 of series 2017A-2 taxable bonds and $77,055,000 of series 2017A-3 taxable bonds.

The 2017A-1 bonds are due 2018 to 2040 with 2.75% to 5% coupons.

The 2017A-2 bonds are due 2022 to 2026 with coupons from 1.7% to 2.46% with yields from 1.7% to 2.46%.

The 2017A-3 bonds are due 2027 to 2028 with coupons from 2.52% to 2.69% and all priced at par.

The bonds (Aaa/AAA) were sold through Goldman Sachs & Co.

Proceeds will be used for general corporate purposes.

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