Market participants said with the light new issue calendar next week the big question will be "what do I do with my money?"
"There's going to be very light issuance next week unfortunately," a New York trader said. "It's going to be interesting to see what takes place in the market."
Traders have said it's been a difficult summer and with issuance thinning out over the next couple of weeks it's going to get worse.
"Rates have been getting lower, we've lost retail buyers this week and institutions have a ton of money," the New York trader said. "We're stuck on value in the secondary and the short end of the primary has nothing."
A bulk of the next week's limited supply calendar will be refunding debt.
"The structure of rates and the shape of the curve are allowing refundings to get done," a West Coast trader said. "Some of the deals this week were upsized because of the rates. Also some deals just have to get done on a certain part of the calendar year."
The largest negotiated deal scheduled next week will come from the San Diego Regional Transportation Commission: $350 million of revenue bonds set for pricing Wednesday.
"Compared to the deals that came this week, San Diego is issuing a small amount for being the largest deal next week," the New York trader said. "It's nothing."
Citigroup Global Markets is the lead underwriter. The bonds' maturities will range from 2015 to 2048. The deal is rated AAA by both Standard & Poor's and Fitch Ratings.
Stifel Nicolaus will bring $303.5 million of University of Colorado Regents revenue and refunding bonds. The credit's rating was unavailable at press time.
Barclays will price $212.9 million of Kansas Department of Transportation highway revenue refunding index bonds. The credit's rating was unavailable at press time.
JPMorgan will bring $185.2 million of Albuquerque Water Utility Authority senior lien joint water and sewer system refunding revenue bonds. The credit's rating was unavailable at press time.
Siebert Brandford will issue $158.3 million of District of Columbia income tax secured revenue refunding bonds. The credit's rating was unavailable at press time.
Raymond James & Associates will bring $165.6 million of Miami-Dade County Health Facilities Authority revenue refunding bonds. The bonds' maturities will range from 2015 to 2044. The deal is rated Baa1 by Moody's Investors Service and BBB by Fitch.
The only large deal in the competitive market next week is $345.2 million of Wake County, N.C., general obligation public improvement bonds on Tuesday. The maturities will range from 2016 to 2034. The deal is rated Aaa by Moody's and AAA by both S&P and Fitch.
