Muni issuance strong; Fairfax County, Va., sells $316.31 million; yields fall 3 bps to 6 bps

By Cristal Cody

Tupelo, Miss., Jan. 23 - Several issuers tapped the municipals market on Thursday, including Fairfax County, Va., according to market sources.

"We had extremely strong new issuance - it just went extremely well," one source said. "Strong appetite. Yields are down anywhere from 3 to 6 basis points across the curve."

The Virginia county brought $316.31 million of series 2014A public improvement and refunding bonds, a source close to the deal said.

Fairfax County won by Citi

Fairfax County, Va., sold $316.31 million of the series 2014A bonds (Aaa/AAA/AAA) on a competitive basis with a true interest cost of 2.84%, according to an informed source.

Citigroup Global Markets Inc. was the winning bidder.

The bonds due Oct. 1, 2014 to Oct. 1, 2033 priced with 3% to 5% coupons to yield 0.12% to 3.72%.

The deal was downsized slightly from an initial $316,815,000 offering of bonds.

Public Financial Management Inc. was the financial adviser.

The proceeds will be used to finance school, transportation, public facilities, parks and recreation and public library improvements and to refund the county's series 2004A-B and 2005A revenue bonds.

Tarrant water eyes deal

Coming up in primary action later in the month, Tarrant Regional Water District of Texas plans to sell $323.74 million of water revenue bonds, according to a preliminary official statement.

The series 2014 bonds (/AAA/AA) will price on a competitive basis on Jan. 30.

The bonds have serial maturities from 2014 through 2049.

First Southwest Co. and Loop Capital Markets, LLC are co-financial advisors.

Proceeds will be used to pay for planning, design, construction and right of way costs and other improvements to the water system.

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