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Municipals end unchanged as new-issue action cranks up; Florida DOT brings $173.4 million deal
By Sheri Kasprzak
New York, Jan. 19 – Municipals wrapped up Tuesday mostly flat, largely ignoring a dip in the Treasuries market, traders said.
Yields on top-rated munis remained unchanged, even as the 10-year benchmark Treasury note yield rose by 3 basis points as Chinese and U.S. stocks rebounded, buoyed by news that China’s economic situation may not be as dire as previously believed.
New-issue action cranked right back up after the Martin Luther King Jr. holiday.
Florida DOT sells bonds
Among the larger deals priced Tuesday, the Florida Department of Transportation offered $173,385,000 of turnpike revenue refunding bonds.
The bonds (Aa3//AA) are due 2017 to 2026 and 2030 with 3% to 5% coupons and yields from 0.63% to 3.31%.
The deal was conducted competitively.
The department intends to utilize the proceeds to refund its series 2006A revenue bonds.
Indiana health bonds price
Looking to the health-care sector, the Indiana Finance Authority sold $163,395,000 of revenue refunding bonds for the Indiana University Health Obligated Group.
The bonds (Aa3/AA-/AA) were offered via senior managers J.P. Morgan Securities LLC and RBC Capital Markets LLC.
The bonds are due 2017 to 2025 with 5% coupons across the board.
Proceeds will be used to refund all or a portion of the obligated group’s series 2006B revenue bonds.
D.C. bonds ahead
Coming up on Wednesday, the District of Columbia Water and Sewer Authority is on tap to bring $372.25 million of public utility subordinate lien revenue refunding bonds.
The bonds (/AA/) will be offered through a syndicate led by Loop Capital Markets LLC.
The bonds are due 2019 to 2039.
Proceeds will be used to refund the authority’s series 2007A, 2008A and 2009A revenue bonds.
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