Munis close mostly unchanged; East Bay Municipal Utility District plans to sell $400 million

By Sheri Kasprzak

New York, Feb. 8 - Municipal yields were mostly unmoved to kick off the week, with very little trading action reported.

"It's a quiet day," said one trader reached in the afternoon.

"There's some activity, but we're getting interest in waves."

Amid the light action, the Puerto Rico Sales Tax Financing Corp.'s recently priced subordinated bonds were seen moving. The 5.375% 2039 bonds were trading at 5.261%. The 5% 2027s were trading at 4.712%.

Meanwhile, looking to the coming week's primary activity, Clark County in Nevada is scheduled on Tuesday to sell $578 million in series 2010 airport system revenue bonds (Aa2/AA-/) through lead managers Citigroup Global Markets Inc. and Siebert Brandford Shank & Co.

The sale includes $453 million in series 2010C Build America Bonds and $125 million in series 2010D tax-exempt bonds. Citi is the lead manager for the 2010C bonds, and Siebert is the lead for the 2010D bonds.

Proceeds from the deal will fund capital improvements to the county's airport system.

Miami-Dade aviation bonds

Another aviation sale is also scheduled for Tuesday - this one from Miami-Dade County in Florida. The county plans to price $247.5 million in series 2010 double-barreled aviation general obligation bonds through Morgan Stanley & Co.

The bonds (Aa3/AA-/) will fund improvements to that county's airport system.

Also coming up on Tuesday, Harris County in Texas is scheduled Tuesday to bring to market $150 million in series 2010A permanent improvement refunding bonds, according to a sales calendar.

The bonds (/AAA/AA+) will be sold through senior managers Jefferies & Co. and Cabrera Capital Markets LLC.

The county plans to use the proceeds to refund debt.

East Bay MUD sale planned

Looking ahead, the East Bay Municipal Utility District of California is set to price $400 million in series 2010 water system revenue bonds on Thursday, according to a calendar of upcoming deals.

The bonds will be sold through lead manager Morgan Stanley.

Proceeds will be used to fund improvements to the district's water system.

North Carolina Baptist to price bonds

Out on the horizon, the North Carolina Medical Commission is expected to price $330 million in series 2010 hospital revenue refunding bonds for North Carolina Baptist Hospital, according to a preliminary official statement.

The bonds (Aa3/AA-/) will be sold through senior managers Morgan Stanley and BB&T Capital Markets.

Proceeds will be used to refund existing North Carolina Baptist Hospital debt.

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