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Municipals close weaker as market awaits hefty $8.5 billion calendar; Ascension offering ahead
By Sheri Kasprzak
New York, April 22 – Municipals followed weaker Treasuries Friday with yields rising as much as 2 basis points as the market looks to a substantial $8.5 billion new-issue slate in the week ahead.
The 10-year muni bond yield rose 1 basis point to 1.75%, and the 30-year bond yield was 2 bps higher at 2.75%, said a trader in the afternoon.
Elsewhere in the market, Lipper Inc. reported $556 million of inflows to municipal mutual funds for the week ended April 20.
Ascension readies bond deal
Heading up the calendar for next week, Ascension Health Alliance is scheduled to price $1,923,465,000 of revenue bonds in six tranches.
The offering is comprised of $250 million of series 2016A taxable bonds; $928,205,000 of series 2016A bonds through the Wisconsin Health and Educational Facilities Authority; $78.12 million of series 2016B bonds through the Alabama Special Care Facilities Financing Authority of Birmingham; $91.65 million of series 2016C bonds through the Alabama Special Care Facilities Financing Authority of Mobile; $392.46 million of series 2016D bonds through the Wisconsin Health authority and $183.03 million of series 2016E bonds through the Michigan Finance Authority.
The bonds (Aa2/AA+/AA+) will be sold through Morgan Stanley & Co. LLC.
Proceeds will be used to finance capital improvements to Ascension facilities.
Loma Linda bonds ahead
Another significant deal comes from the California Statewide Communities Development Authority, which plans to price $883,165,000 of series 2016A revenue bonds for the Loma Linda University Medical Center.
The bonds (/BB/BB+) will be sold through BofA Merrill Lynch on Wednesday.
Proceeds will be used to construct, equip and furnish a replacement hospital for the Loma Linda University Medical Center.
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