Munis close flat even as Treasuries slip on news of bin Laden's death; Columbia, Mo., prices

By Sheri Kasprzak

New York, May 2 - Municipal yields, after experiencing a 13-day winning streak, were largely unmoved on Monday following news that al-Qaeda mastermind Osama bin Laden was killed in Pakistan. Treasuries were knocked slightly by the news.

"There are probably a lot of factors," said one trader.

"There's been slim supply, and I think that maybe everyone is taking a wait-and-see approach to the market today. Stocks have been pretty volatile today. Treasuries have had some volatility. We're basically sitting on our hands."

Supply for the coming week may keep yields from moving in either direction, said the trader.

"There's nothing out there right now that I can see that would shove us too far either way," he noted.

Columbia sells $80.26 million

In Monday's meager primary offerings, the City of Columbia, Mo., came to the competitive market with $80.26 million of series 2011A water and electric system revenue refunding and improvement bonds, said a pricing sheet.

Wells Fargo Bank, NA won the bid for the bonds (/AA-/). The true interest cost came in at 4.380767%.

The bonds are due 2011 to 2038 with a term bond due in 2041. The serial coupons range from 3% to 4.875%. The 2041 bonds have a 4.75% coupon.

Proceeds will be used to upgrade and improve the city's water and electric systems as well as refund existing debt.

Oregon preps G.O. sale

Heading up Tuesday's pricing activity, the State of Oregon is set to sell $177.92 million of series 2011 general obligation bonds for the Oregon University System.

The offering includes $49.69 million of series 2011E bonds, $6.29 million of series 2011F bonds, $52.185 million of series 2011G bonds and $69.755 million of series 2011H bonds.

Merrill Lynch and Citigroup Global Markets Inc. are the senior managers for the bonds (Aa1/AA+/AA+).

Proceeds will be used to finance projects within the university system.

Virginia deal ahead

Looking out on the horizon, the Commonwealth Transportation Board of Virginia is slated to bring to market $600 million of series 2011 transportation capital projects revenue bonds on May 11, said a notice of sale.

The bonds will be sold competitively with Public Resources Advisory Group as the financial adviser.

The bonds are due 2012 to 2036.

Proceeds will be used to fund transportation infrastructure projects.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.