Munis seen unchanged as new deals flood market; NYC Transitional Finance to bring $750 million

By Sheri Kasprzak

New York, Feb. 22 - Municipal yields were largely unmoved on Monday as new money bonds exploded onto the calendar.

"Not a lot of movement," said one trader reached in the afternoon.

"There's some appetite out there, but overall, it's pretty light."

Meanwhile, the primary market got a much-needed boost as new deals emerged following a lull that lasted the past couple of weeks.

Tuesday's offerings will be led by the New York City Transitional Finance Authority's $750 million in series 2010 future tax secured bonds, said a preliminary official statement.

The offering includes $306.735 million in series 2010F-1 Build America Bonds, $313.265 million in series 2010F-2 Build America Bonds, $68.195 million in series 2010F-3 taxable bonds and $61.805 million in series 2010F-4 taxable bonds.

The bonds will be sold on a competitive basis with Public Resources Advisory Group as the financial adviser.

The 2010F-1 and 2010F-2 bonds are due 2018 to 2030 with term bonds due 2035 and 2040. The 2010F-3 and 2010F-4 bonds are due 2012 to 2018.

Proceeds will be used to fund city capital expenditures.

Miami-Dade sale ahead

Also coming up on Tuesday, Miami-Dade County in Florida plans to sell $600 million in series 2010 water and sewer system revenue bonds, said a calendar of upcoming deals.

The bonds (A1/A+/A) will be sold through Raymond James & Associates Inc.

Proceeds will be used to fund improvements to the county's water and sewer system.

Indianapolis bond bank to price

In other offerings planned for Tuesday, the Indianapolis Local Public Improvement Bond Bank plans to sell $466.66 million in series 2010B bonds, said a sales calendar.

The bonds (Aa2/AA+/AA) will be sold on a negotiated basis with Citigroup Global Markets Inc. as the senior manager. The co-lead manager for the 2010B-2 bonds is J.P. Morgan Securities Inc.

The sale includes $91.035 million in series 2010B-1 bonds and $375.625 million in series 2010B-2 Build America Bonds.

The 2010B-1 bonds are due 2013 to 2022, and the 2010B-2 bonds are due 2030 and 2040.

Proceeds will be used to fund the construction of a replacement hospital for Wishard Hospital.

Mecklenburg County to price

Also ahead, the County of Mecklenburg in North Carolina plans to price $119.3 million in series 2010 G.O. refunding bonds Tuesday, according to a preliminary official statement.

The bonds will be sold competitively with First Southwest Co. as the financial adviser.

The bonds are due 2011 to 2026.

Proceeds will be used to refund series 2007 and 2008B bonds.

The county seat is Charlotte, N.C.

Howard County to sell

Howard County in Maryland is set to sell $109.55 million in series 2010 consolidated public improvement general obligation bonds on Tuesday, said a notice of sale.

The offering includes $25.71 million in series 2010A tax-exempt bonds, $12.59 million in series 2010B taxable bonds, $65.725 million in series 2010C bonds and $5.525 million in series 2010A tax-exempt metropolitan district bonds.

The bonds (Aaa/AAA/AAA) will be sold competitively.

The 2010A tax-exempt bonds and the 2010B taxable bonds are due 2011 to 2016. The 2010C bonds are due 2018 to 2030. The 2010A metropolitan district bonds are due 2011 to 2015.

Proceeds will be used to make principal payments on existing notes and reimburse the county for costs related to some capital projects.

The county seat is Ellicott City, Md.

Maryland plans $600 million

On Wednesday, the State of Maryland is expected to bring $600 million in series 2010 state and local facilities loan G.O. bonds, said a preliminary official statement.

The bonds (Aaa/AAA/AAA) will be sold competitively with Public Financial Management Inc. as the financial adviser.

The deal includes $400 million in series 2010A Build America Bonds and $200 million in series 2010B tax-exempt bonds.

The 2010A bonds are due 2019 to 2025, and the 2010B bonds are due 2018 to 2022.

Proceeds will be distributed for state and local loans on an as-needed basis. The remainder will be used to refund existing debt.

Energy Northwest deal to price

Energy Northwest of Washington is expected to sell $470.69 million in series 2010 revenue refunding bonds Wednesday, said a sales calendar.

The offering includes $68.35 million in series 2010A project 1 bonds, $279.67 million in series 2010A project 3 bonds, $1 million in series 2010B project 1 bonds, $15.615 million in series 2010B Columbia Generating Station bonds, $29.93 million in series 2010B project 3 bonds and $76.125 million in series 2010C Columbia Generating Station.

Goldman, Sachs & Co., Citigroup and JPMorgan are the senior managers.

Proceeds will be used to refund existing debt issued to construct several power generating stations.

Energy Northwest is based in Richland, Wash.

New York to price $448.25 million

Later in the week, the State of New York intends to sell $448.245 million in series 2010 G.O. bonds, said a preliminary official statement. The offering is scheduled for Thursday.

The sale includes $211.28 million in series 2010A tax-exempt bonds, $51.31 million in series 2010B taxable bonds and $185.655 million in series 2010C taxable bonds.

The bonds will be sold competitively with Hawkins Delafield & Wood LLP as the financial adviser.

The 2010A bonds are due 2011 to 2040, and the 2010B bonds are due 2011 to 2020. The 2010C bonds are due 2021 to 2040.

Proceeds will be used to fund capital expenditures.

Dasny deal planned

In other upcoming sales, the Dormitory Authority of the State of New York plans to sell its previously announced $222.74 million in series 2010A mental health services revenue bonds on Tuesday, said a sales calendar.

The bonds (/AA-/A+) will be sold on a negotiated basis with Ramirez & Co. Inc. and JPMorgan.

Proceeds will be used to refund debt.

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