Retail buyers got first dibs on New York City Transitional Finance Authority’s $1 billion of building aid revenue bonds.
Jefferies priced the TFA’s tax-exempt fixed rate bonds on the first day of a two-day retail order period ahead of the institutional pricing on Wednesday.
The TFA also intends to competitively sell $73 million of taxable fixed-rate bonds on Wednesday.
Proceeds from the BARB sales will be used to fund education capital projects and refund outstanding bonds.
Municipal bond buyers will see about $6.1 billion of new supply head their way this week, comprised of $3.57 billion of negotiated deals and $2.49 billion of competitive sales.
On Tuesday, the Dormitory Authority of the State of New York will sell about $1.3 billion of bonds in five sales.
Monday’s bond sale
NYC TFA BARBs:
Bond Buyer 30-day visible supply at $9.88B
The Bond Buyer's 30-day visible supply calendar increased $788.1 million to $9.88 billion on Monday. The total is comprised of $4.71 billion of competitive sales and $5.17 billion of negotiated deals.
Prior week's top underwriters
The top municipal bond underwriters of last week included Bank of America Merrill Lynch, Morgan Stanley, Citigroup, JPMorgan Securities and Jefferies, according to Thomson Reuters data.
In the week of March 4 to March 10, BAML underwrote $2.47 billion, Morgan Stanley $1.99 billion, Citi $1.22 billion, JPMorgan $418.1 million and Jefferies $372.9 million.
Previous session's activity
The Municipal Securities Rulemaking Board reported 38,056 trades on Friday on volume of $10.57 billion.
California, Texas and New York were the states with the most trades, with the Golden State taking 17.687% of the market, the Empire State taking 11.405% and the Lone Star State taking 10.383%.
Prior week's actively traded issues
Revenue bonds comprised 57.88% of new issuance in the week ended March 9, down from 58.35% in the previous week, according to Markit. General obligation bonds made up 36.72% of total issuance, up from 36.37%, while taxable bonds accounted for 5.40%, up from 5.28% a week earlier.
Some of the most actively traded bonds by type were from California and Oklahoma issuers.
In the GO bond sector, the California 3.625s of 2047 traded 145 times. In the revenue bond sector, the Oklahoma Development Financing Authority 5.5s of 2057 traded 64 times. And in the taxable bond sector, the Oklahoma DFA 5.45s of 2028 traded 70 times.
Treasury to sell $65B of 4-week bills
The Treasury Department said it will sell $65 billion of four-week discount bills Tuesday. There are currently $133.998 billion of four-week bills outstanding.
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 Vanessa Kim at 212-803-8474 for more information.