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Municipals end session steady despite weaker Treasuries; Empire State Development bonds price
By Sheri Kasprzak
New York, March 9 – Municipals closed a busy session flat even as Treasuries struggled, market sources said.
The 10-year triple-A muni bond yield ended the day flat at 1.89% and the 30-year bond yield at 2.90%.
Meanwhile, the 30-year Treasury bond yield rose by 5 basis points to close at 2.68% and the 10-year note yield ended 7 bps higher at 1.90% as investors returned to riskier investments and as the Treasury Department auctioned 10-year notes to little fanfare.
Empire State bonds price
Heading up the day’s pricing action, the Empire State Development Corp. of New York priced $1,655,590,000 of series 2016A state personal income tax revenue bonds. The deal was upsized from $1,230,130,000.
The bonds (/AA+/AAA) were sold through senior managers BofA Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co. and Ramirez & Co. Inc.
The bonds are due 2019 to 2038 with 2% to 5% coupons and yields from 0.92% to 3.50%.
Proceeds will be used to refund existing debt.
Princeton bonds price
In other primary action, the New Jersey Educational Facilities Authority hit the market with $217.32 million of series 2016 revenue bonds for Princeton University.
The deal included $100 million of series 2016A revenue bonds and $117.32 million of series 2016B refunding bonds.
The 2016A bonds are due 2018 and 2020 to 2035 with 4% to 5% coupons and yields from 0.60% to 2.71%.
The 2016B bonds are due 2017 to 2027 with 5% coupons and yields from 0.51% to 2.01%.
Proceeds will be used to finance capital expenditures for the university and refund existing revenue bonds.
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