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Municipals flat to weaker ahead of $8 billion new-issue calendar; Ascension dominates supply
By Sheri Kasprzak
New York, April 25 – Municipals were unchanged to slightly weaker to start a busy week, traders said.
The 10-year triple-A muni yield rose by 1 basis point to 1.75%, and the 30-year bond yield rose 1 bp to 2.75%.
Munis followed weaker Treasuries, which were pressured by a lackluster response to a $26 billion two-year note auction. The bid-to-cover ratio came in at 2.64.
The week will provide about $8 billion of new-issue supply, headlined by a $1.92 billion revenue bond offering from Ascension Health Alliance conducted in six tranches.
Ascension deal set
The Ascension deal includes $250 million of series 2016 taxable bonds; $928,205,000 of series 2016A bonds issued through the Wisconsin Health and Educational Facilities Authority, $78.12 million of series 2016B bonds issued through the Alabama Special Care Facilities Financing Authority of Birmingham, $91.65 million of series 2016C bonds issued through the Alabama Special Care Facilities Financing Authority of Mobile, $392.46 million of series 2016D bonds issued through Wisconsin Health and $183.03 million of series 2016E bonds issued through the Michigan Finance Authority.
The bonds (Aa2/AA+/AA+) will be sold through senior manager Morgan Stanley & Co. LLC.
Proceeds will be used to finance capital improvements to Ascension facilities.
Loma Linda bonds set
On Wednesday, the California Statewide Communities Development Authority is scheduled to price $883,165,000 of revenue bonds (/BB/BB+) for Loma Linda University Medical Center.
The bonds will be sold through BofA Merrill Lynch.
Proceeds will be used to construct, equip and furnish a replacement hospital for the medical center.
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