Muni yields end unchanged; Metro Washington Airports Authority prices $540.35 million in bonds

By Sheri Kasprzak

New York, July 22 - Municipal yields were largely unmoved on Thursday in relatively good secondary market action, said a market insider.

"We're seeing a decent amount of interest [in secondary]," said one trader.

"That's the good news, but there really hasn't been much movement to speak of. Everything looks really flat."

In primary, the Metropolitan Washington Airports Authority sold Thursday $540.35 million in series 2010 airport system revenue and refunding bonds, said a pricing sheet.

The bonds (//AA) were sold through Barclays Capital Inc. and J.P. Morgan Securities Inc.

The offering included $323.43 million in series 2010A non-AMT revenue bonds and $216.92 million in series 2010B AMT refunding bonds.

The 2010A bonds are due 2011 to 2030 with term bonds due 2035 and 2039. The serial bonds have coupons from 3% to 5%. The 2035 bonds have a 4.625% coupon priced at 100.034 and a 5% coupon priced at 103.132. The 2039 bonds have a 5% coupon priced at 102.805.

The 2010B bonds are due 2011 to 2027 with coupons from 3% to 5%.

Proceeds will be used to finance a portion of the authority's outstanding commercial paper as well as fund capital projects.

San Francisco utility bonds price

Also on Thursday, the Public Utilities Commission of the City and County of San Francisco sold $446.925 million in series 2010 revenue bonds, said a pricing sheet.

The bonds (Aa2/AA-/) were priced competitively. Calls to the issuer for the winning bidder were not immediately returned.

The sale included $102.725 million in series 2010D bonds and $344.2 million in series 2010E bonds.

The 2010D bonds are due 2015 to 2021 with coupons from 3% to 5%. The 2010E bonds are due 2022 to 2027 with a term bond due 2040. The serials have coupons from 4.9% to 5.7%, and the 2040 bonds have a 6% coupon priced at par.

Proceeds will be used to finance and refinance various capital projects.

St. Johns sells bonds

In other news, the St. Johns County Industrial Development Authority in Florida sold Thursday $112.58 million in series 2010A revenue bonds for Presbyterian Retirement Communities, said a pricing sheet.

The bonds (//A-) were sold through Raymond James & Associates Inc. and Herbert J. Sims & Co.

The bonds are due 2013 and 2017 to 2020 with term bonds due 2030, 2040 and 2045. The 2013 bonds have a 2.75% coupon priced at 99.771. The 2017 to 2020 bonds have coupons from 4.125% to 5%. The 2030 bonds have a 5.75% coupon priced at 99.412. The 2040 bonds have a 5.875% coupon priced at 98.543, and the 2045 bonds have a 6% coupon priced at 99.131.

Proceeds will be used to refund existing bonds, which were used to construct retirement communities in St. Petersburg, Jacksonville, Winter Park, Tallahassee, Orlando and Bradenton.

Based in St. Augustine, the authority provides financing for industrial development projects. Presbyterian Retirement Communities is based in Lakeland.

Columbus deal planned

Out on the horizon, the City of Columbus, Ohio, plans to sell $431.715 million in series 2010 unlimited tax and limited tax general obligation bonds, said a preliminary official statement.

The bonds (Aaa//AAA) will be sold on a negotiated basis with Stifel, Nicolaus & Co. Inc. and JPMorgan as the senior managers.

The offering is comprised of $129.245 million in series 2010A unlimited tax bonds, $16.315 million in series 2010B limited tax bonds, $266.38 million in series 2010C unlimited tax Build America Bonds, $14.04 million in series 2010D limited tax Build America Bonds and $5.735 million in series 2010E limited tax bonds.

Proceeds will be used to fund capital improvements, including water system improvements, sanitary sewer improvements, parks and recreation projects and public safety and health projects.

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