The Chicago Board of Education made a second run at the primary market on Thursday as it returned to offer $1.03 billion of general obligation bonds to muni buyers.

Municipals were weaker with Treasuries at mid-session.

Primary market
JPMorgan Securities priced the Chicago BOE's $1.025 billion of Series 2017 unlimited tax dedicated revenue general obligation and GO refunding bonds.

The $354.175 million of Series 2017C refunding GOs were priced as 5s to yield from 3.40% in 2019 to 4.90% in 2034.

The $79.94 million of Series 2017D refunding GOs were priced as 5s to yield from 3.40% in 2019 to 4.60% in 2027 and 4.83% in 2031.

The $22.205 million of Series 2017E refunding GOs were priced as 5s to yield 3.97% in a 2021 bullet maturity.

The $165.755 million of Series 2017F refunding GO were priced as 5s to yield from 3.00% in 2018 to 4.31% in 2024.

The $122.925 million of Series 2017G refunding GOs were priced as 5s to yield 4.90% in 2034 and 4.98% in 2044.

The $280 million of Series 2017H GOs were priced as 5s to yield 4.92% in 2036 and par in 2046.

This series is rated B by S&P Global Ratings, BB-minus by Fitch Ratings and BBB by Kroll Bond Rating Agency.

On Wednesday, JPMorgan priced the BOE’s $64.9 million Series 2017 dedicated capital improvement tax bonds. That series is rated A by Fitch Ratings and BBB by Kroll.

Since 2007, the BOE has sold about $8.36 billion of debt, with the most issuance occurring in 2016 when it issued $1.93 billion of bonds. The board did not come to market in 2014.

Citigroup priced the South Jersey Port Corp.’s $255 million of Series 2017A and B subordinated marine terminal revenue bonds.

The $24.73 million of Series 2017A tax-exempts were priced as 5s to yield 4.18% in a 2049 bullet maturity.

The $240.28 million of Series 2017B bond subject to the alternative minimum tax were priced as 5s to yield from 3.12% in 2024 to 4.31% in 2037, 4.35% in 2042 and 4.40% in 2048.

The deal is rated Baa1 by Moody’s Investors Service.

In the competitive arena, Dallas sold $302.85 million of Series 2017 GO refunding and improvement bonds.

RBC Capital Markets won the bonds with a true interest cost of 2.8850%. Pricing information was not immediately available. The deal is rated AA-minus by S&P and AA by Fitch.

Charleston County, S.C., sold $103.18 million of Series 2017A GO capital improvement bonds. JPMorgan Securities won the bonds with a TIC of 2.8638%. Pricing information was not immediately available. The deal is rated triple-A by Moody’s, S&P and Fitch.

Bond Buyer reports 30-day visible supply
The Bond Buyer's 30-day visible supply calendar decreased $808.7 million to $6.99 billion on Thursday. The total is comprised of $1.71 billion of competitive sales and $5.28 billion of negotiated deals.

Secondary market
The yield on the 10-year benchmark muni general obligation rose as much as one basis point from 1.99% on Wednesday, while the 30-year GO yield gained as much as one basis point from 2.68%, according to a read of Municipal Market Data’s triple-A scale.

U.S. Treasuries were weaker on Thursday. The yield on the two-year Treasury rose to 1.71% from 1.68% on Wednesday, the 10-year Treasury yield gained to 2.35% from 2.33% and the yield on the 30-year Treasury increased to 2.79% from 2.78%.

On Wednesday, the 10-year muni-to-Treasury ratio was calculated at 85.3% compared with 84.1% on Tuesday, while the 30-year muni-to-Treasury ratio stood at 96.4% versus 95.3%, according to MMD.

AP-MBIS 10-year muni at 2.278%, 30-year at 2.795%
The Associated Press-MBIS municipal non-callable 5% GO benchmark scale was stronger at midday.

The 10-year muni benchmark yield fell to 2.278% on Thursday from the final read of 2.295% on Wednesday, according to Municipal Bond Information Services, a national consortium of municipal interdealer brokers. The AP-MBIS 30-year benchmark muni yield declined to 2.795% from 2.799%.

The AP-MBIS benchmark index is a yield curve built on market data aggregated from MBIS member firms and is updated hourly on the Bond Buyer Data Workstation

MSRB: Previous session's activity
The Municipal Securities Rulemaking Board reported 43,957 trades on Wednesday on volume of $14.85 billion.

Tax-exempt money market funds see outflows
Tax-exempt money market funds experienced outflows of $39.4 million, lowering total net assets to $129.20 billion in the week ended Nov. 13, according to The Money Fund Report, a service of iMoneyNet.com.

This followed an inflow of $1.03 billion to $129.24 billion in the previous week.

The average, seven-day simple yield for the 199 weekly reporting tax-exempt funds was unchanged from 0.47% in the previous week.

The total net assets of the 834 weekly reporting taxable money funds increased $5.38 billion to $2.586 trillion in the week ended Nov. 14, after an inflow of $553.9 million to $2.581 trillion the week before.

The average, seven-day simple yield for the taxable money funds increased to 0.71% from 0.70% in the prior week.

Overall, the combined total net assets of the 1,033 weekly reporting money funds increased $5.34 billion to $2.715 trillion in the week ended Nov. 14, after inflows of $1.59 billion to $2.710 trillion in the prior week.

Data appearing in this article from Municipal Bond Information Services, including the AP-MBIS municipal bond index, is available on The Bond Buyer Data Workstation. Click here for a brief tour of the Workstation, or contact Vanessa Kim at 212-803-8474 for more information.

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Chip Barnett

Chip Barnett

Chip Barnett is a journalist with more than 40 years of experience. Barnett is currently Senior Market Reporter for The Bond Buyer.