Muni Bond Prices Move Little As Few New Issues Are Priced
May 02, 2011
Issues posting slight price declines included the Utah Intermountain Power Agency's 5% securities due in 2021, which were down 1/8, at 89 1/4 to 89 3/4, yielding 5.78%. In the futures market, the municipal-over-bond yield spread held steady. September munis and Treasurys were both down 12/32, at 115 1/8 and 110 29/32, respectively. In light primary market activity, $30 million in Racine Unified School District, Wis., tax and revenue anticipation notes were won by three bidders. The notes mature May 03, 2012 and are rated SP-1-plus by Standard & Poor's Ratings Group. First Chicago Capital Markets won $10 million and reoffered them to yield 3.85%. Two $10 million segments were won by A.H. Williams & Co. and PaineWebber Inc., respectively; neither was reoffered. Pricings will pick up next session with the sale of $246 million in Austin, Texas, revenue refunding bonds, which are to be priced by a J.P. Morgan Securities Inc. group, and $170 million in Alaska Housing Finance Corp. single-family mortgage revenue bonds, which will be priced by a PaineWebber Inc. group. In other pricing activity Tuesday, $76 million in Ohio Building Authority state-facility refunding bonds will be priced by a Goldman, Sachs & Co. group. Also, bids will be taken for $60.5 million in Mississippi general obligation bonds.
