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Municipals improve along with Treasuries amid light action; Illinois Toll Highway sells bonds
By Sheri Kasprzak
New York, Nov. 25 – Municipals were firmer on the session Tuesday but underperformed rallying Treasuries, market insiders reported. Secondary action was light but investors sought out bonds with lower coupons, traders said.
Yields were about 1 to 2 basis points lower across the curve, a trader said in the afternoon. Comparatively, the 30-year Treasury bond yield was down 4 basis points, as was the five-year note yield.
The municipal secondary was quiet, said a trader, but demand seemed to be strong for 3% to 4% coupon bonds.
“We were seeing blocks of bonds with 3% to 4% coupons earlier today, but I’m not exactly sure why,” she noted.
Primary activity remained light, led by a downsized offering from the Illinois State Toll Highway Authority.
Offering size cut
The toll authority set out to price $270 million of series 2014D toll highway senior revenue bonds, but priced $264,715,000 on Tuesday.
The bonds (Aa3/AA-/AA-) were offered through lead managers Siebert Brandford Shank & Co. LLC and RBC Capital Markets LLC.
The bonds are due 2018 to 2025 with 5% coupons.
Proceeds will be used to refund existing revenue bonds.
New Jersey G.O.s ahead
Once the market cranks back up after the Thanksgiving holiday, New Jersey is on tap to price $525 million of series 2014 various purpose G.O. bonds through competitive bid.
Pricing is slated for Dec. 3.
Proceeds from the bonds, which are due 2016 to 2035, will be used to finance projects in the state’s ongoing capital expenditure program, including environmental cleanup projects and open space conservation.
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