Munis close mostly unmoved; Georgia brings $846.22 million G.O. bonds with 2%-5.114% coupons

By Sheri Kasprzak

New York, Nov. 23 - Municipals rounded out Monday with little trading action and mostly unchanged yields. Meanwhile, some pricing activity did occur as issuers aim to get things done ahead of the Thanksgiving holiday.

"Some stuff is pricing today and tomorrow," noted one sellside source reached in the early afternoon.

"Normally Mondays are dead when it comes to primary, but some things are pricing just because there really aren't many other opportunities this week with Thanksgiving on Thursday. Friday's really an unofficial holiday, too, so if it's not getting done today or tomorrow, it'll be held until after the holiday."

Amid the light trading action, the Virginia College Building Authority's recently priced revenue bonds were seen moving. The 4.25% 2027 bonds were seen trading at 3.98%.

Elsewhere, the bonds priced by North Carolina Medical Commission for Duke University Health System were seen in action. The 5% 2039s were trading at 4.727%.

Georgia prices $846.22 million

In primary action, the State of Georgia priced $846.22 million in series 2009 general obligation bonds on Monday, said a pricing sheet.

The sale included $90.48 million in series 2009F G.O. bonds, $179.925 million in series 2009G G.O. bonds, $475.815 million in series 2009H Build America Bonds and $100 million in series 2009I G.O. refunding bonds.

Goldman, Sachs & Co. was the senior manager.

The 2009F bonds are due 2010 to 2014 with coupons from 2% to 5%, and the 2009G bonds are due 2010 to 2016 with coupons from 2% to 5%. The 2009H bonds have a term bond due 2017 and serial bonds due from 2025 to 2029 with coupons from 4% to 5.114%, all priced at par. The 2009I bonds are due 2016 to 2022 with coupons of 4% to 5%.

Proceeds will be used to fund improvements to water and sewage facilities as well as school facilities.

Mobile bonds price

Elsewhere on Monday, the City of Mobile in Alabama priced $78.299 million in series 2009 G.O. warrants on Monday, said a term sheet.

The bonds (/AA-/) were sold through Morgan Keegan & Co. Inc.

The sale included $55.175 million in series 2009A G.O. refunding warrants, $16.69 million in series 2009B G.O. Build America warrants and $6.434 million in series 2009C G.O. recovery zone economic development warrants.

The 2009A warrants are due 2012 and 2016 with serial bonds due 2020 to 2028. The 2009A warrants have coupons from 3% to 5%. The 2009B warrants are due 2030 with a 6.085% coupon, priced at par, and the 2009C warrants are due 2030 with a 6.085% coupon, also priced at par.

Proceeds will be used to finance capital obligations and refund existing debt.

Royal Oak bonds to price

Looking to Tuesday's pricing action, the Royal Oak Hospital Authority of Michigan is set to sell $272.625 million in series 2009W hospital revenue and refunding bonds for William Beaumont Hospital.

The bonds (A1//A-) will be sold through senior manager Morgan Stanley & Co. Inc.

Proceeds will be used to refund the hospital's series 2001 and 2003 auction-rate securities and provide capital for improvements.

Also on Tuesday, the University Health Services Inc. of Georgia is slated to price $151.1 million in series 2009 revenue certificates (A1/A+/) through J.P. Morgan Securities Inc.

Proceeds will be used to refund the health services' series 1999, 2003 and 2008 certificates.

Chicago BOE bonds ahead

Out on the horizon, the Chicago Board of Education plans to sell $254.24 million in series 2009G unlimited tax G.O. qualified school construction bonds, said a preliminary official statement.

The bonds will be sold on a negotiated basis with Goldman Sachs and JPMorgan as the senior managers.

The maturities have not yet been set.

Proceeds will be used to construct qualified schools in the district.

Also coming up, the Pennsylvania Housing Finance Agency is set to sell $250 million in series 2009-106 single family mortgage revenue bonds, said a preliminary official statement.

The sale includes $14.645 million in series 2009-106A bonds, $85.355 million in series 2009-106B bonds and $150 million in series 2009-106C bonds.

The bonds will be sold through senior managers RBC Capital Markets Inc. and Barclays Capital Inc.

The 2009-106A bonds are due 2013 to 2017, and the 2009-106B bonds are due 2010 to 2019 with term bonds due 2024 and 2028. The 2009-106C bonds are due 2040.

Proceeds will be used to purchase new mortgage loans.

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