Against a backdrop of stock market gains, Treasury market losses, and a healthy slate of new issuance in the primary market, tax-exempts posted losses for the 11th consecutive session yesterday.
In the new-issue market, JPMorgan priced $455 million of tax-exempt and taxable bonds for New York ahead of institutional pricing today. Bonds from the tax-exempt $416.3 million Series A mature from 2010 through 2029, with term bonds in 2034 and 2039. Yields range from 1.82% with a 3% coupon in 2011 to 5.24% with a 5% coupon in 2039. Bonds maturing in 2010 will be decided via sealed bid. The bonds are callable at par in 2019. The deal also contains a $38.8 million taxable Series B, which matures in 2019. The credit is rated Aa3 by Moody's Investors Service, AA by Standard & Poor's, and AA-minus by Fitch Ratings.