Munis hold steady in moderate trading action; Clark County, Nev., sells $226.31 million bonds

By Sheri Kasprzak

New York, July 29 - Municipal yields were mostly unmoved on Thursday as secondary activity got a much-needed shot in the arm, a trader said.

"The trades are trickling in," said the trader.

"Yields are pretty much flat, but we are seeing a jump in [secondary] activity. It could be the lull in primary. It's hard to say."

Amid the secondary action, the Port of Houston Authority's recently priced series 2010D refunding bonds were moving. The 5% 2026 bonds were seen at 3.57% Thursday afternoon.

Elsewhere, the City of Philadelphia's series 2010C bonds were trading. The 4.75% 2035s were seen at 4.375%.

Clark County sells

Moving to the primary side, Clark County in Nevada sold Thursday $226.31 million in series 2010 sales and excise tax revenue bonds, said a pricing sheet.

The bonds (Aa2/AA/) were sold competitively. Calls to the issuer for the winning bidder were not returned by press time.

The sale included $94.835 million in series 2010B refunding and improvement bonds and $131.475 million in series 2010C Build America Bonds.

The 2010B bonds are due 2011 to 2020 with coupons from 3% to 5%.

The 2010C bonds are due 2021 to 2030 with 5.1% to 6.15% coupons, all priced at par.

Proceeds will be used to refund commercial paper notes and fund air quality improvements for the Regional Transportation Commission of Southern Nevada.

The county seat is Las Vegas.

Eisenhower bonds price

Elsewhere in the West, the California Municipal Finance Authority priced $109.815 million in series 2010A revenue bonds for Eisenhower Medical Center, said a term sheet.

The bonds (Baa1//A-) were sold through Bank of America Merrill Lynch.

The bonds are due 2013 to 2026 with term bonds due 2030 and 2040. The serial bonds have coupons from 3% to 5.25%. The 2030 bonds have a 5.5% coupon priced at 98.215. The 2040 bonds have a 5.75% coupon priced at 98.866.

Proceeds will be used to refinance a bank loan, reimburse the medical center for prior capital expenditures and fund future capital expenditures.

The medical center is located in Rancho Mirage, Calif.

Tampa deal brought

In other news, the City of Tampa in Florida brought $90.74 million in series 2010 solid waste system refunding revenue bonds, said a pricing sheet. The deal was upsized from $56.1 million.

The bonds (A3//A) were sold through RBC Capital Markets Corp.

The bonds are due 2011 to 2019 with coupons from 3% to 5%.

The city intends to use the proceeds to refund its series 1999 solid waste revenue bonds.

Indy bond bank deal ahead

Looking to upcoming offerings, the Indianapolis Local Public Improvement Bond Bank is expected to price $160 million in series 2010F bond bank bonds, said a preliminary official statement.

The bonds (Aa2/AA/) will be sold on a negotiated basis with Citigroup Global Markets Inc. as the lead manager.

Proceeds will be used to purchase the City of Indianapolis' series 2010A Pilot revenue bonds, which were issued to finance the construction, rehabilitation, renovation and installation of public facilities, as well as purchase a surety bond policy to fund a reserve for the 2010F bonds.

Sacramento sale planned

The County of Sacramento in California plans to price $130.93 million in series 2010 airport system senior revenue bonds, said a preliminary official statement.

The bonds (A2/A/) will be sold on a negotiated basis with Morgan Stanley & Co. Inc. and J.P. Morgan Securities Inc. as the lead managers.

Proceeds will be used to finance the county's airport system's capital improvement program, which includes land acquisitions, facility improvements, building maintenance and federal and state grant processing.

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