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Municipals hold steady amid light Yom Kippur trading action; Pittsburgh parking deal prices
By Sheri Kasprzak
New York, Sept. 23 – Municipals were mostly flat on Wednesday as trading activity remained very light, possibly subdued by the Jewish holy day Yom Kippur, market insiders said.
Yields on top-rated munis were unchanged and barely blinked at some weakness in the Treasuries market.
Statements by Atlanta Federal Reserve president Dennis Lockhart sent Treasuries into a slide as he indicated a 2015 rate hike might still be in the works. The news sent the 10-year benchmark note yield up by 2 basis points to close the day at 2.16% and the five-year note yield up by 3 bps to 1.47%. The 30-year bond yield rose by 1 bp to 2.95%, and the two-year yield rose by 1 bp to 0.70%.
Pittsburgh deal prices
Heading up the light primary activity Wednesday, the Public Parking Authority of Pittsburgh sold $69,885,000 of series 2015 parking system revenue refunding bonds.
The offering included $67,395,000 of series 2015A tax-exempt bonds and $2.49 million of series 2015B taxable bonds.
The 2015A bonds are due 2015 to 2026 with 3% to 5% coupons and yields from 0.22% to 2.99%.
The 2015B bonds are due Dec. 1, 2015, have a 0.98% coupon and priced at par.
The bonds (A3/A+/) were sold through PNC Capital Markets LLC.
Proceeds will be used to refund the authority’s series 2005A-B revenue bonds.
Aurora sells G.O. bonds
In competitive action, the City of Aurora, Ill., released details on its $69,185,000 of series 2015C general obligation refunding bonds.
The bonds were sold competitively with Robert W. Baird & Co. winning the bid at a 3.612020% true interest cost.
The bonds are due 2016 to 2036 with a term bond due in 2038, a pricing sheet said. The serial coupons range from 3% to 3.875% with yields from 0.70% to 3.90%. The 2038 bonds have a 4% coupon and priced at par.
Proceeds will be used to refund existing G.O. debt.
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