Yields end unmoved; New York's Metropolitan Transportation Authority brings $500 million

By Sheri Kasprzak

New York, March 17 - Municipals ended the day largely unchanged on Wednesday with slight weakness seen in the market, insiders reported.

"I'd call it unchanged, but there is a weaker tone," said one trader. "It's been reasonably busy here [on the secondary side]. We're seeing a fair number of trades."

In trading action, the Virgin Islands Water and Power Authority's series 2010C taxable bonds were moving. The 6.85% 2035 bonds were seen at 6.725%.

Primary still dominated the market with another large offering priced Wednesday.

The Metropolitan Transportation Authority of New York City sold $500 million in series 2010 dedicated tax fund bonds, said a pricing sheet.

The bonds were sold in two tranches: a $56.8 million tranche of series 2010A-1 tax-exempt bonds and a $443.2 million tranche of series 2010A-2 Build America Bonds.

The 2010A-1 tax-exempt bonds are due 2011 to 2017 with 2% to 5% coupons, and the 2010A-2 Build America Bonds are due 2018 to 2025 with term bonds due 2030 and 2040. The serials have coupons from 4.655% to 5.535%, all priced at par. The 2030 bonds have a 5.989% coupon, priced at par, and the 2040 bonds have a 6.089% coupon, also priced at par.

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