Connecticut Anchors Primary Calendar of Nearly $8 Billion

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Volume is forecast to more than double to nearly $7.9 billion this week as Connecticut makes its way to the helm of the primary market with its $550 million offering of general obligation bonds.

The week's largest deal will be priced on Thursday by JPMorgan Securities and will consist of three series of GOs ranging in maturity from 2015 to 2026.

The $240 million Series F green bonds will mature from 2015 to 2034, while the $60 million Series G portion will mature from 2028 to 2031, and Series H, which totals $250 million, will mature from 2016 to 2026.

The bonds are rated AA3 by Moody's Investors Service, and AA by both Standard & Poor's and Fitch Ratings.

The Connecticut deal will lead the slate of long-term deals headed to market this week, for a total estimated at $7.86 billion by Ipreo LLC and The Bond Buyer.

The anticipated volume compares to the revised $3.41 billion that actually came to market last week as reported by Thomson Reuters, after $6.20 billion was originally estimated.

The sharp decline from the estimated volume for last week could be attributed to deals, such as the $355.35 million Wisconsin GO sale, being postponed due to a sell-off that pushed yields higher in the municipal market in the week of Nov. 3, municipal traders and underwriters said. Actual volume for the week of Nov. 3 was one of the largest weekly totals in recent months at $8.16 billion - down from the original estimate of $8.8 billion, according to Thomson.

The last time volume was predicted to be higher than this week was June 23 when Ipreo LLC and The Bond Buyer called for an estimated $8.9 billion of new issue supply.

In other activity this week, the Arizona Transportation Board will sell $456.47 million of revenue bonds in an all serial bond structure maturing from 2018 to 2025. JPMorgan Securities will price the deal on Tuesday and the bonds are rated Aa1 by Moody's and AA-plus by Standard & Poor's.

Baltimore will issue $409.83 million of water and wastewater revenue bonds in a new-money deal and refunding being priced by Wells Fargo Securities on Wednesday after a retail order period on Tuesday.

The senior lien series is rated Aa2 by Moody's and AA by Standard & Poor's, while the subordinate lien series in rated Aa3 by Moody's and AA-minus by Standard & Poor's.

Texas will also dominate the Southeast market with two large offerings.

A $402.30 million sale of senior lien sales tax revenue refunding bonds from the Dallas Area Rapid Transit is on tap for pricing by JPMorgan on Wednesday.

The bonds, which are rated Aa2 by Moody's and AA-plus by Standard & Poor's, are tentatively structured from 2015 to 2036, with the possibility of term bonds.

The Houston Independent School District, meanwhile, is preparing a $357.47 million sale of limited tax refunding bonds for pricing on Wednesday by RBC Capital Markets.

The deal is rated triple-A by both Moody's and Standard & Poor's and is backed by the Texas Permanent School Fund guarantee program.

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