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Municipals hold steady as another heavy new-issue slate prices; Florida Muni Power bonds price
By Sheri Kasprzak
New York, Feb. 18 – Municipals closed flat Thursday as the remainder of the week’s supply priced, said market sources.
The 10-year benchmark bond yield closed at 1.73%, and the 30-year bond yield ended at 2.78%.
Meanwhile, Treasuries got a boost from weaker stocks and sagging manufacturing numbers. The 10-year benchmark Treasury note and 30-year bond yield both fell by 6 basis points to close at 1.75% and 2.62%, respectively. The five-year note yield ended the day 5 bps lower at 1.21%. The two-year note yield closed 3 bps down at 0.71%.
Florida Muni Power sells debt
Among the larger deals from the week, the Florida Municipal Power Agency priced $421.99 million of series 2016A all-requirements power supply project refunding revenue bonds.
The bonds (A2) were sold through senior managers BofA Merrill Lynch and Wells Fargo Securities LLC.
The bonds are due 2020 to 2031 with 3% to 5% coupons.
Proceeds will be used to refund the agency’s series 2008A and 2009A revenue bonds.
Oregon university prices bonds
Elsewhere, the Oregon Health and Science University sold $196.13 million of series 2016B revenue bonds.
The bonds (Aa3/AA-/AA-) were sold through senior managers J.P. Morgan Securities LLC and Wells Fargo.
The bonds are due 2033 to 2039 with term bonds due in 2028 and 2046. The serial coupons range from 3.125% to 5% with yields from 2.80% to 3.55%. The 2028 bonds have a 2.5% coupon that priced at 98.012 to yield 2.69%, a 4% coupon that priced at 113.699 to yield 2.49% and a 5% coupon that priced at 124.114 to yield 2.36%. The 2046 bonds have a 4% coupon and priced at 103.427 to yield 3.60%.
Proceeds will be used to finance the construction of a new ambulatory care center, to finance the construction of a new building for the Knight Cancer Research Institute and to refund the university’s series 2009A revenue bonds.
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