Municipals flat to stronger ahead of subdued calendar; Connecticut preps $500 million G.O.s

By Sheri Kasprzak

New York, May 20 – Municipals ended the week flat to slightly better as the market prepares for a much-quieter new-issue slate, traders said.

The 30-year triple-A bond yield fell by 2 basis points to end at 2.62%, said a trader.

Meanwhile, Treasuries were little changed as investors turned their attention to higher-risk investments.

Looking to the week ahead, about $7.5 billion of new offerings will hit the market, significantly down from this week’s $11.5 billion calendar.

Connecticut G.O.s ahead

Among the larger offerings next week, the State of Connecticut is on tap to price $500 million of series 2016B general obligation refunding bonds.

The bonds will be sold on a negotiated basis with BofA Merrill Lynch and Williams Capital Group LP as the senior managers.

The bonds are due 2018 to 2027.

Proceeds will be used to refund existing G.O. debt.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.