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Less than $1 billion of supply awaits as market goes cold turkey; Mississippi deal tops sales
By Sheri Kasprzak
New York, Nov. 20 – Municipals closed a slow day mostly unchanged as the market prepares for a significant slowdown ahead of Thanksgiving, market sources said.
Yield were mostly flat to end the week even as Treasuries saw a bit of weakness.
Looking to the week ahead, less than $1 billion of new issues are slated to price, a substantial cut from the $10 billion supply for the week just ended.
Mississippi bonds to price
Heading up that slim calendar, the Mississippi Development Bank is ready to price $86.72 million of series 2015A power supply special obligation refunding bonds (Baa1/BBB/) through Wells Fargo Securities LLC and Piper Jaffray & Co.
The bonds, which are due 2016 to 2035 with a term bond due in 2041, are scheduled to price Tuesday.
Proceeds will finance a loan to the Municipal Energy Agency of Mississippi, the proceeds of which will be used to refund the bank’s series 2006 special obligation bonds.
Massachusetts readies deal
Although the week will provide little in the way of new issues, the market will pick right back up during the week of Nov. 30.
The action will be led by a $550 million general obligation sale from the Commonwealth of Massachusetts.
The state is set to price a two-tranche deal competitively on Dec. 1.
The offering includes $150 million of series 2015D bonds due 2026 to 2035 and $400 million of series 2015E bonds due 2036 to 2045.
Proceeds from the bonds (Aa1//AA+) will be used to fund capital improvements as part of the state’s five-year capital improvement plan.
Maryland DOT bonds ahead
Also coming up the week of Nov. 30, the Maryland Department of Transportation will offer $325 million of consolidated transportation bonds (Aa1/AAA/AA+) competitively on Dec. 2.
The bonds are due 2018 to 2030, and proceeds will finance transportation capital project.
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