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Municipals strengthen with Treasuries after FOMC rate hike; Spring ISD brings $136.87 million
By Sheri Kasprzak
New York, Dec. 17 – Municipal prices rose on the day in sympathy with stronger Treasuries, market insiders reported, with yields on some top-rated munis rising by as much as 5 basis points.
Treasuries got a boost a day after the Federal Open Market Committee elected to raise short-term interest rates by 25 basis points. The market is now looking to the next rate hike.
Meanwhile, trading volume was light, as might be expected during a light week. Trading volume was reportedly $6.9 billion on Wednesday.
Looking at inflows, demand remained strong, according to data from the Investment Company Institute. The ICI reported $825 million of inflows to municipal mutual funds for the week ended Dec. 9.
Spring ISD sells debt
Among the larger offerings priced during this quiet week, the Spring Independent School District of Texas sold $136.87 million of series 2015 unlimited tax refunding bonds, said a pricing sheet.
The bonds (Aaa/AAA/) were sold through RBC Capital Markets LLC.
The bonds are due 2016 and 2019 to 2033 with 2% to 5% coupons and 0.50% to 2.72% yields.
Proceeds will be used to refund the district’s series 2006, 2007 and 2008A unlimited tax school building bonds.
Kansas IDA prices bonds
Elsewhere during the slow session, the Kansas City Industrial Development Authority of Missouri offered $51.77 million of series 2016 senior living facilities revenue bonds for Kingswood Senior Living.
The bonds were sold through Cain Brothers.
The bonds are due 2036, 2046 and 2051, said a term sheet. The 2036 bonds have a 5.75% coupon and priced at par, and the 2046 bonds have a 6% coupon and priced at 100.916 to yield 5.875%. The 2051 bonds have a 6% coupon and priced at par.
Proceeds will be used to fund improvements to the Kingswood senior living facilities and to refund the authority’s series 1998 bonds.
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