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Municipals close stronger with Treasuries; Maine Municipal Bond Bank sells $69.57 million
By Sheri Kasprzak
New York, Sept. 29 – Municipals were stronger again on Tuesday as Treasuries got a boost from weaker global equities, even as the U.S. stock market turned around late in the day, market insiders said.
Yields on top-rated municipals fell by as much as 3 basis points during the session, said a trader.
Meanwhile, the 10-year benchmark Treasury note yield fell by 5 bps and the 30-year bond yield fell by 2 bps as weaker stocks sent investors to safe havens for most of the day.
Maine bond bank bonds price
Moving to the day’s primary action, the Maine Municipal Bond Bank offered $69,565,000 of series 2015 bonds.
The bonds (Aa2/AA+/) were sold through BofA Merrill Lynch and Wells Fargo Securities LLC.
The deal included $16.4 million of series 2015C bonds and $53,165,000 of series 2015D refunding bonds.
The 2015C bonds are due 2016 to 2035 with a term bond due in 2045. The serial coupons range from 2% to 5%. The 2045 bonds have a 5% coupon and priced at 112.589.
The 2015D bonds are due 2016 to 2021 with 2% to 5% coupons.
Proceeds will be used to provide funds to governmental units for capital projects and to refund the bank’s series 2005A bond bank bonds.
In late April, the bond bank sold $70.38 million of bonds at yields from 0.37% to 3.67%.
Broward district brings notes
Over on the competitive side, the Broward County School District of Florida sold $125 million of series 2015 tax anticipation notes.
The notes (MIG 1) are due Jan. 29, 2016, have a 0.75% coupon and priced at par.
Proceeds will be used to finance capital expenditures for the district for the coming fiscal year.
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