Municipals hold steady as market awaits $9.3 billion slate; Princeton brings $156.79 million

By Sheri Kasprzak

New York, April 17 – Municipals rounded out another busy week mostly unchanged as the market prepared for another large new-issue calendar, market insiders said.

Yields on top-rated munis were mostly flat Friday as about $9.3 billion of new offerings are expected to come to market in the week ahead. A little more than $10 billion of issues priced during the week just ended.

The upcoming calendar will be topped by a $1,101,555,000 offering of general obligation debt from the California. That deal will price competitively on Tuesday.

Energy Northwest powers deal

Also ahead in the week’s sizable new-issue calendar, Energy Northwest of Washington state is on tap to price $887.85 million of series 2015 electric revenue and refunding bonds Thursday.

The deal includes $101.32 million of series 2015A Project 1 electric revenue refunding bonds, $314.63 million of series 2015A Columbia Generating Station electric revenue and refunding bonds, $74,285,000 of series 2015A Project 3 electric revenue refunding bonds, $332.96 million of series 2015B Columbia Generating Station electric revenue and refunding bonds, $39.23 million of series 2015B Project 3 taxable electric revenue refunding bonds and $25,425,000 of series 2015A Project 1 electric revenue refunding bonds.

The bonds (Aa1/AA-/AA) will be sold through senior manager J.P. Morgan Securities LLC.

Proceeds will be used to finance electric capital improvements and to refund existing revenue debt.

In August 2014, the utility sold $269,415,000 of revenue bonds due 2025 to 2028 with yields from 2.64% to 2.91%.

Princeton debt prices

Among the last few deals to hit the market this week was an offering from the New Jersey Educational Facilities Authority for Princeton University. The authority offered $156.79 million of revenue refunding bonds for the Ivy League university Friday.

The bonds (Aaa/AAA/) were sold through Morgan Stanley & Co. LLC.

The bonds are due 2016 to 2035 with 3% to 5% coupons and 0.25% to 3.01% yields.

Proceeds will be used to refund existing Princeton revenue bonds.

© 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.