On the heels of a fairly lackluster February, a trio of super-sized deals will kick off March in the Texas, California, and Puerto Rico markets. An estimated $10.16 billion is expected to be priced into a relatively weak municipal market clouded by failed auction-rate transactions and the problems still facing bond insurers as a result the general contraction in liquidity.

At least one of the deals - a $1.6 billion Puerto Rico Aqueduct & Sewer Authority new-money revenue and refunding offering - could get some keen attention from yield-hungry investors if underwriters decide to price the bonds without insurance and only on the merits of its Baa3 underlying rating from Moody's Investors Service and BBB-minus from Standard & Poor's and Fitch Ratings.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.