Municipals flat; San Joaquin Transportation, New York Liberty price; Hawaii preps green bonds

By Cristal Cody

Tupelo, Miss., Oct. 30 – Municipals traded mostly unchanged on Thursday with little secondary activity, market sources said.

“Munis bumped the scale 1 basis point at the ’44,” a trader said. “It’s been an extremely quiet day today. Very slow trading, and it seems like the weekend has already started.”

In new pricing action, the San Joaquin Hills Transportation Corridor Agency of California priced $1,392,760,000 of series 2014 refunding revenue bonds, according to a pricing sheet.

The issue was upsized from $1 billion.

The agency priced $1,098,850,000 of series 2014A senior lien toll road refunding revenue bonds (/BBB-/BBB-) and $293.91 million of series 2014B junior lien toll road refunding revenue bonds (/BB+/BB+).

The series 2014A bonds have serial maturities in 2016 and 2017 and term bonds due 2029, 2034, 2044 and 2050. The bonds priced with 5% coupons across all maturities.

The series 2014B term bonds are due 2044 and 2049 and priced with 5.25% coupons.

Barclays and Goldman Sachs & Co. were joint bookrunners for the negotiated deal.

Proceeds from the offering will be used to refinance the agency’s series 1993 and 1997A revenue bonds.

New York Liberty gives details

New York Liberty Development Corp. detailed its offering of $1.59 billion of series 2014 3 World Trade Center revenue bonds, according to a pricing sheet.

The deal included $1.08 billion of 5% class 1 bonds due Nov. 15, 2044 priced at par.

In the class 2 tranche, the agency sold $278 million of class 2 bonds due Nov. 15, 2034 and Nov. 15, 2040 at par to yield 5.15% to 5.375%.

The deal also included $231 million of 7.25% class 3 bonds due Nov. 15, 2044 priced at par.

The bonds were sold on a negotiated basis with Goldman Sachs and J.P. Morgan Securities LLC as the senior managers.

The offering was made to qualified institutional buyers under Rule 144A.

Proceeds will be used to finance the completion and construction of Tower 3 of the World Trade Center.

North Carolina plans to price

Looking to primary activity next week, North Carolina plans to price $295,295,000 of limited obligation refunding bonds, according to a preliminary official statement.

The series 2014C bonds (Aa1/AA+/AA+) have serial maturities from 2015 through 2028.

The bonds will price via a competitive sale on Wednesday.

First Southwest Co. is the financial adviser.

Proceeds will be used to refund outstanding debt.

Hawaii preps green bonds

Also on the horizon, Hawaii intends to price $150 million of Department of Business, Economic Development and Tourism green energy market securitization bonds (Aaa/AAA/AAA), according to a preliminary official statement.

The series 2014A bonds include a $50 million tranche of series A-1 notes due July 1, 2022 and $100 million of series A-2 notes due Jan. 1, 2029.

The series A-1 notes are expected to have a weighted average life of 3.05 years. The series A-2 bonds have a scheduled weighted average life of 10.21 years.

Goldman Sachs and Citigroup Global Markets Inc. will manage the negotiated sale.

Proceeds will be used for environmentally beneficial projects.

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