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Municipals end flat to stronger; Seattle, Virginia’s Commonwealth Transportation prices bonds
By Sheri Kasprzak
New York, May 4 – Municipals rounded out the session unchanged to slightly better, moving in line with stronger Treasuries, market insiders said.
Yields on top-rated municipals were flat to lower by as much as 2 basis points.
The 30-year Treasury bond yield edged down by 2 bps to 2.64%, the 10-year note yield ended the session 2 bps lower at 1.79%, the five-year note yield was 2 bps lower at 1.23%, and the two-year note yield was unchanged at 0.75%.
CTA deal prices
Among Wednesday’s new issues, the Commonwealth Transportation Authority of Virginia priced $273.74 million of series 2016 transportation capital projects revenue bonds.
The bonds were sold competitively.
The bonds are due 2017 to 2041 with 3% to 5% coupons and yields from 0.62% to 3.23%.
Proceeds will be used to finance transportation projects in the commonwealth.
Seattle hits market with G.O.s
Elsewhere, Seattle sold $146.47 million of series 2016 general obligation improvement bonds. The deal was downsized from $151,325,000.
The deal included $103.66 million of series 2016A G.O. improvement and refunding bonds (Aa1/AAA/AAA), $6.07 million of series 2016B taxable limited tax G.O. improvement bonds (Aa1/AAA/AAA) and $36.74 million of series 2016 taxable limited tax G.O. improvement bonds (Aaa/AAA/AAA).
The 2016A bonds are due 2017 to 2036 with 4% to 5% coupons and yields from 0.55% to 2.69%.
The 2016B bonds are due 2017 to 2028 with term bonds due in 2032 and 2036. The serial coupons range from 1% to 2.625% with yields from 0.70% to 2.70%. The 2032 bonds have a 2.875% coupon and priced at 99.053 to yield 2.95%. The 2036 bonds have a 3% coupon and priced at 98.523 to yield 3.10%.
The 2016 bonds are due 2018 to 2045 with coupons from 4% to 5% and yields from 0.71% to 2.92%.
The bonds were sold competitively.
Proceeds will be used to finance capital improvement projects and refund existing debt.
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