BofA, JPMorgan win Baltimore issues

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Baltimore County, Md., (Aaa/AAA/AAA) came to market with two general obligation bonds deals totaling more than $490 million on Thursday, to close out an event-filled week.

BofA Securities won the county’s $246 million of consolidated public improvement bonds with a true interest cost of 2.9779%.

JPMorgan Securities won the $245 million of the Metropolitan District’s 81st issue of general obligation bonds (GOs) with a TIC of 3.4758%.

Proceeds will be used to refund bond anticipation notes.

The financial advisor is Public Resources Advisory Group. The bond counsel is McKennon Shelton.

Primary market
In the negotiated market, BofA Securities received the official award on the Oregon Business Development Commission’s (A1/A+/NR) $138.165 million of AMT Series 250 economic development revenue bonds for Intel Corp.

The Chandler Industrial Development Authority, Ariz.’s $500 million of Series 2019 industrial development revenue bonds for Intel was postponed and placed on the day-to-day calendar.

Ramirez & Co. received the written award on the Los Angeles Department of Airports (Aa3/AA-/AA-) $438 million of revenue bonds. The issue consists of Series 2019A private activity subordinate revenue bonds subject to the AMT, Series 2019B non-AMT governmental subordinate revenue bonds and Series 2019C private activity subordinate refunding non-AMT revenue bonds.

Bond sales

Maryland
Click here for the Baltimore Co. $246M deal

Oregon
Click here for the Intel award

Click here for the Intel repricing

Click here for the Intel pricing

California
Click here for the LA Airport award

Click here for the LA Airport pricing

Bond Buyer 30-day visible supply at $4.74B
The supply calendar decreased $1.92 billion to $4.74 billion for Thursday. The total is composed of $2.84 billion of competitive sales and $1.90 billion of negotiated deals.

Secondary market
Municipal bonds were mixed Thursday, according to the MBIS benchmark scale, with benchmark muni yields falling as much as one basis point in the one- to six-year, 10- to 12-year, 19- to 24-year and 26- to 30-year maturities, rising as much as two basis in the seven- to nine-year, 13- to 17-year and 25-year maturities and remaining unchanged in the 18-year maturity.

High-grade munis were mostly weaker with muni yields falling less than one basis point in the two- to four-year, six-year and 10- and 11-year maturities, rising as much as two basis points in the one-year, five-year, seven- to nine-year and 13- to 30-year maturities and remaining unchanged in the 12-year maturity.

Investment-grade municipals were weaker on Refinitiv Municipal Market Data’s AAA benchmark scale, which showed the yield on both the 10-year and 30-year muni rising as much as two basis points.

Treasury bonds were weaker as stock prices traded lower.

On Wednesday, the 10-year muni-to-Treasury ratio was calculated at 77.3% while the 30-year muni-to-Treasury ratio stood at 96.7%, according to MMD.

Previous session's activity
The MSRB reported 42,683 trades on Tuesday on $10.83 billion of volume.

California, New York and Texas were most traded, with the Golden State taking 12.406% of the market, the Empire State taking 11.362% and the Lone Star State taking 10.144%.

Muni money market funds see first inflows since Jan. 7
Tax-free municipal money market fund assets increased by $640.3 million, rising their total net assets to $138.20 billion in the week ended Feb. 25, according to the Money Fund Report, a service of iMoneyNet.com.
The average seven-day simple yield for the 190 tax-free and municipal money-market funds rose to 1.30% from 1.21% last week.

Taxable money-fund assets gained $21.29 billion in the week ended Feb. 26, bringing total net assets to $2.898 trillion.

The average, seven-day simple yield for the 804 taxable reporting funds was unchanged from 2.05% last week.

Overall, the combined total net assets of the 994 reporting money funds increased $21.93 billion to $3.036 trillion in the week ended Feb. 26. It marks the eighth consecutive week total money-fund assets have exceeded $3 trillion.

Treasury auctions bills
The Treasury Department Thursday auctioned $60 billion of four-week bills at a 2.410% high yield, a price of 99.812556.

The coupon equivalent was 2.455%. The bid-to-cover ratio was 2.78. Tenders at the high rate were allotted 1.04%. The median rate was 2.380%. The low rate was 2.350%.

Treasury also auctioned $35 billion of eight-week bills at a 2.410% high yield, a price of 99.625111. The coupon equivalent was 2.459%. The bid-to-cover ratio was 3.02. Tenders at the high rate were allotted 78.12%. The median rate was 2.395%. The low rate was 2.350%.

Treasury to sell bills
The Treasury Department said Thursday it will auction $48 billion 91-day bills and $39 billion 182-day discount bills Monday.

The 91s settle March 7, and are due June 6, and the 182s settle March 7, and are due Sept. 5. Currently, there are $36.002 billion 91-days outstanding and no 182s.

Gary Siegel contributed to this report.

Data appearing in this article from Municipal Bond Information Services, including the MBIS municipal bond index, is available on The Bond Buyer Data Workstation. Click here for a brief tour of the Workstation, or contact Ziad Saba at 212-803-6079 for more information.

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