New York Municipal Water Finance Authority prices $499.5 million

By Sheri Kasprzak

New York, Dec. 4 - New York City's Municipal Water Finance Authority's $499.5 million 2008 series A revenue bonds priced Tuesday, leading muni action, which seems to be picking up.

There is a large calendar of offerings set to price later this week - new that didn't surprise market insiders.

"Just because you have one off month doesn't mean there's not lots of stuff out there," said one market source Tuesday.

Merrill Lynch & Co. is the lead underwriter for the water revenue bonds (Aa2/AA+/AA) and Citi Smith Barney is the co-manager.

Large slate of deals upcoming

Offerings set to price Wednesday include $535 million in general obligation bonds for the state of Connecticut.

Those bonds will price in two tranches - one of which is tax exempt and one of which is taxable. The tax-exempt portion is due August 2027 and the taxable portion is due August 2012.

Also coming up this week is an offer of $415 million in New York Metropolitan Transit Authority bonds, rated A2/A/A.

The bonds are A2/A/A rated and Smith Barney is the senior manager.

The bonds will be sold in three tranches, the first of which is due August 2027. The second tranche is due August 2032 and the third is due August 2037.

Also coming up is an issue of $140 million bonds from the New Jersey Health Care Facility, St. Peter's University, which are set to price on Wednesday. Those bonds will be priced in four tranches. The first tranche will mature 2013, the second in 2021, the third in 2031 and the fourth in 2037.

Another deal set to price on Wednesday is $125 million in bonds from the Houston Airport.

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