Volume will slip from last week, remaining lighter than usual, as an estimated $4.2 billion makes its way to market.
The estimate includes a $593.7 million Rhode Island Tobacco Settlement Financing Corp. deal that is being contested in court and is unlikely to price.
The projected volume, estimated by Ipreo LLC and The Bond Buyer, is down from a revised $4.4 billion that was priced last week as reported by Thomson Reuters. Traders predict that it will be a pretty manageable week.
Citigroup will also price $350 million of San Diego Regional Transportation Commission revenue bonds on Wednesday, the third-largest deal slated for next week. The bonds' maturities range from 2015 to 2048. The deal is rated AAA by both Standard & Poor's and Fitch Ratings.
A $345.2 million Wake County, NC will be on investors' radar screens on Tuesday as the largest deal in the competitive market.
"I'll be keeping an eye on the high-grade Wake County deal," the New York trader said. "It's a decent size, and it might reset the MMD scale."
The general obligation bonds' maturities range from 2016 to 2034. The deal is rated Aaa by Moody's Investors Service and AAA by both S&P and Fitch.
The municipal market will lack new money next week as a bulk of the upcoming deals will be refundings.
The University of Colorado Regent is expected to price $303.5 million of revenue and refunding bonds led by Stifel Nicolaus. The deal is rated Aa2 by Moody's.
Barclays will issue $212.9 million of Kansas Department of Transportation highway revenue refunding index bonds. The credit's rating was unavailable at press time.
A two-part deal totaling $185.2 million of Albuquerque Water Utility Authority senior lien joint water and sewer system refunding revenue bonds will be led by JPMorgan. The deal is rated Aa2 by Moody's.
The Miami Beach Health Facilities Authority will price $165.6 million of revenue refunding bonds on Wednesday by Raymond James & Associates. The bonds' maturities range from 2015 to 2044. The deal is rated Baa1 by Moody's and BBB by Fitch.
Siebert Brandford will bring $158.3 million of District of Columbia income tax secured revenue refunding bonds. The credit's rating was unavailable at press time.
A $150 million Peralta Community College District, CA general obligation will be priced by Stifel Nicolaus on Thursday. The deal is rated Aa3 by Moody's and AA-minus by S&P.
The city of Bossier, La. will issue $118.9 million of utilities revenue refunding bonds by Stephens. The deal is rated AA-minus by S&P.
KeyBanc Capital Markets will bring $103.5 million of Wisconsin Public Finance Authority taxable revenue bonds. The deal is day to day. By putting a deal on day-to-day status the underwriter reserves the right to bring the deal to market at a time most advantageous to the issuer.
The Rhode Island Tobacco revenue deal remains on day-to-day status as OppenheimerFunds continues to challenge it in state court.
