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Municipals close mixed as Treasuries sink on solid 3Q GDP; 20-year triple-A yields fall 5 bps
By Sheri Kasprzak
New York, Dec. 23 – Municipals prices were mixed on the last full session ahead of the Christmas holiday, market insiders said, against the backdrop of a weaker Treasuries market as strong third-quarter gross domestic product data was released.
Yields on longer-term munis fell about 5 basis points with yields on 20-year triple-A rated bonds dropping by 5 bps to close at 2.76%. The single-A rated 20-year bond yield rose by 7 bps. The yield on 10-year triple-A rated bonds rose by 2 bps to end at 2.10%. Shorter maturities were flat on the day.
Meanwhile, Treasuries sank after third-quarter GDP data was upwardly revised to indicate 5% economic growth for the quarter. The 30-year Treasury bond yield climbed 10 bps, and the five-year and 10-year note yields each rose by 9 bps.
Texas A&M preps deals
Looking to upcoming offerings, Texas A&M University said it will sell debt in three tranches in the coming year.
The university will sell $63.9 million of series 2015A revenue financing system bonds and $134,965,000 of series 2015B revenue financing system bonds, as well as $178.12 million of series 2015C taxable bonds (Aaa/AA+/AA+).
The 2015A and 2015B bonds will be offered through senior manager Citigroup Global Markets Inc. and the 2015C bonds will be sold through J.P. Morgan Securities LLC.
Proceeds will refund the university’s series 2005A-B revenue financing system bonds.
Bolingbrook bonds gain
Moving to secondary market action, the Village of Bolingbrook, Ill.’s recently priced series 2014A G.O. refunding bonds were seen trading higher during the day. The 4% 2038s were seen trading at a 3.911% yield after pricing last week to yield 4.17%.
Also trading higher during the day was MaineHealth’s series 2014 revenue bonds. The 4% 2044s were trading Tuesday afternoon at 3.934% after pricing at a 4.07% yield last week.
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