Municipals close busy week steady as subdued $6 billion calendar awaits; New York bonds ahead

By Sheri Kasprzak

New York, April 8 – Municipals rounded out the week mostly flat, with the 10-year triple-A muni bond yield at 1.68% and the 30-year bond yield at 2.66%.

Treasuries, meanwhile, took a hit as stocks rallied.

Looking to the week ahead, a little more than $6 billion of new offerings are slated to price, led by a substantial competitive deal from the New York City Transitional Finance Authority.

The authority is on tap to price $750 million of series 2016F future tax secured bonds in three tranches Tuesday.

The offering includes $199,475,000 of series 2016F-1 taxable bonds due 2018 to 2028, $50,525,000 of series 2016F-2 taxable bonds due 2018 to 2028 and $500 million of series 2016F-3 tax-exempt bonds due 2029 to 2042.

The bonds will be sold competitively.

Proceeds will fund general capital expenditures.

Massachusetts Water to price

Looking to Thursday, the Massachusetts Water Resources Authority is slated to price $535 million of revenue and revenue refunding bonds (Aa1/AA+/AA+) through senior managers Citigroup Global Markets Inc., Barclays, BofA Merrill Lynch, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC.

The deal includes $85 million of series 2016B general revenue bonds and $450 million of series 2016C general revenue refunding green bonds.

Proceeds will be used to finance capital improvements and repay outstanding debt.

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