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Municipals end weaker as new offerings price; L.A. Unified School District sells $1.23 billion
By Sheri Kasprzak
New York, March 2 – Municipals rounded out a busy session weaker, market sources said, underperforming mixed Treasuries.
Yields on triple-A rated munis rose by 2 basis points to 3 bps, said a trader, even as the 30-year Treasury bond yield fell by 1 bp and the 10-year note yield rose by 1 bp.
It was another busy day for the primary, with more significant offerings hitting the market.
L.A. USD bonds price
The week’s largest deal priced. The Los Angeles Unified School District of California came to market with $1,226,355,000 of series 2016 general obligation bonds. The deal was upsized from $1,225,000,000.
The deal included $648,955,000 of election of 2008 series 2016A G.O. bonds and $577.4 million of series 2016A G.O. refunding bonds.
The election of 2008 bonds are due 2017 to 2036 with a term bond due in 2040. The serial coupons range from 3% to 5%. The 2040 bonds have a 4% coupon that priced at 105.94 and a 5% coupon that priced at 116.908.
The refunding bonds are due 2016 to 2030 with 3% to 5% coupons.
The bonds (Aa2//AAA) were sold through senior managers Citigroup Global Markets Inc. and Wells Fargo Securities LLC.
Proceeds will be used to finance school construction projects and to refund existing debt.
Kentucky property deal sold
Elsewhere, the Kentucky Property and Buildings Commission sold $677.33 million of series 2016 revenue and refunding bonds.
The deal included $116.45 million of series 2016A project No. 112 revenue bonds and $560.88 million of series 2016B project No. 112 revenue refunding bonds.
The 2016A bonds are due 2017 to 2036 with 2% to 5% coupons. The 2016B bonds are due 2016 to 2028 with 3% to 5% coupons.
The bonds (Aa3//A+) were sold through senior managers Citigroup and Morgan Stanley & Co. LLC.
Proceeds will be used to construct a new research building for the University of Kentucky and to refund the commission’s project No. 87, 88, 89, 90 and 93 revenue bonds.
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