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Municipals advance as Treasuries rally on Yellen statement; Clark County school bonds price
By Sheri Kasprzak
New York, Feb. 24 – Municipals improved on the day Tuesday as Treasuries rallied on Federal Reserve Chairwoman Janet Yellen’s Congressional testimony, market sources said.
Yields were lower by 2 to 3 basis points, improved on the day but underperforming Treasuries. The five-year Treasury note, which is the most susceptible to monetary policy news, fell by 9 bps to 1.47%. The 10-year note yield fell below 2% to 1.99%, the first time it’s been below 2% in a couple of weeks. The 30-year yield fell by 6 bps to 2.6%.
In her statement Tuesday, Yellen ostensibly gave the Fed some flexibility in terms of the timing of the rate hike, said market sources.
The Fed could still raise rates in June, as many insiders have anticipated, but it also left the time frame open for a later date.
Clark school bonds sold
Heading up the session’s primary action, the Clark County School District of Nevada hit the market with $386,525,000 of series 2015 general obligation refunding bonds.
The deal included $257,445,000 of series 2015A bonds and $129.08 million of series 2015B bonds, said a pricing sheet.
The 2015A bonds are due 2016 to 2019 with 5% coupons and 0.4% to 1.3% yields. The 2015B bonds are due 2016 to 2022 with 5% coupons and 0.4% to 2% yields.
The bonds (A1/AA-/) were sold competitively. The issuer did not respond to calls for the winning bidder by press time Tuesday evening.
Proceeds will be used to refund existing G.O. bonds.
Mecklenburg debt prices
Elsewhere in pricing activity, Mecklenburg County, N.C., offered up $100 million of series 2015A general obligation school bonds.
The bonds were sold competitively.
The bonds are due 2016 to 2035 with 3% to 5% coupons and 0.15% to 3.35% yields, according to a pricing sheet.
Proceeds will be used to finance school building construction, equipment and improvement.
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