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Competitive issues dominated Wednesday’s calendar as issuers from Nevada, Texas and New Jersey served up new bond and note deals to hungry buyers.

Primary market
The Clark County School District, Nevada, (A1/A+/NR) sold $245.04 million of limited tax general obligation building bonds in two offerings.

Morgan Stanley won the $200 million of Series 2019B (AGM:A2/AA/NR) limited tax GOs with a true interest cost of 2.4670%. The bonds were insured by Assured Guaranty Municipal. Hutchinson Shockey won the $45.04 million of Series 2019C various purpose medium-term GOs with a TIC of 1.904%.

Zions Public Finance is the financial advisor; Sherman & Howard is the bond counsel. Proceeds will be used for school facilities.

The North Texas Municipal Water District (Aa2/AAA/NR) sold $142.245 million of Series 2019A water system revenue bonds. Citigroup won the deal with a TIC of 2.6407%.

Hilltop Securities is the financial advisor. McCall Parkhurst and the State Attorney General are the bond counsel.

Woodbridge Township, N.J., (NR/SP1+/NR) sold $130.293 million of bond anticipation notes. JPMorgan Securities won the BANs with an NIC of 1.2230%.

Municipal officials served as the financial advisors; Rogut McCarthy Cranford was the bond counsel.
RBC Capital Markets received the official award on the Iowa Student Loan Liquidity Corp.’s (NR/AA/NR) $143.74 million of student loan revenue bonds, consisting of Senior Series 2019A taxables, Senior Series 2019B bonds subject to the alternative minimum tax and Subordinate Series 2019C AMT bonds.

Barclays Capital received the written award on the Michigan State Housing Development Authority’s (Aa2/AA+/NR) $325 million of single-family mortgage revenue bonds.

Raymond James & Associated received the official award on the Gilroy Unified School District, Santa Clara County, California’s (Aa3/AA-/NR) $124.165 million of taxable refunding GOs.

Wednesday’s bond sales
Click here for the Clark County sale

Click here for the North Texas sale

Click here for the Iowa award

Click here for the Gilroy award

Click here for the Michigan award

Secondary market
Munis were stronger on the MBIS benchmark scale, with yields falling by one basis point in the 10-year maturity and by two basis points in the 30-year maturity. High-grades were mixed, with yields on MBIS AAA scale falling by one basis point in the 10-year maturity and remaining unchanged in the 30-year maturity.

On Refinitiv Municipal Market Data’s AAA benchmark scale, the yield on both the 10- and 30-year GOs fell by three basis points to 1.29% and 1.88%, respectively.

“The ICE muni yield curve is hovering around the prior session’s levels as the market awaits the FOMC meeting minutes,” ICE Data Services said in a midday comment. “Taxable yields are up two to three basis points while high-yield, tobaccos and Puerto Rico are unchanged.”

The 10-year muni-to-Treasury ratio was calculated at 81.6% while the 30-year muni-to-Treasury ratio stood at 90.7%, according to MMD.

Stocks were higher as Treasuries traded mixed. The Treasury three-month was yielding 1.692%, the two-year was yielding 1.468%, the five-year was yielding 1.409%, the 10-year was yielding 1.584% and the 30-year was yielding 2.084%.
Previous session's activity
The MSRB reported 30,792 trades Tuesday on volume of $9.97 billion. The 30-day average trade summary showed on a par amount basis of $11.15 million that customers bought $5.98 million, customers sold $3.27 million and interdealer trades totaled $1.91 million.

New York, California and Texas were most traded, with the Empire State taking 13.155% of the market, the Golden State taking 12.09% and the Lone Star State taking 9.051%.

The most actively traded securities were the Illinois Series 2003 GO 5.1s of 2033, which traded 22 times on volume of $33 million.

ICI: Muni funds see $1.6B inflow
Long-term municipal bond funds and exchange-traded funds saw a combined inflow of $1.622 billion in the week ended Oct. 2, the Investment Company Institute reported on Wednesday.

It was the 40th straight week of inflows into the tax-exempt mutual funds and followed a revised inflow of $2.277 billion in the previous week.

Long-term muni funds alone saw an inflow of $1.519 billion after a revised inflow of $1.625 billion in the previous week; ETF muni funds alone saw an inflow of $103 million after a revised inflow of $652 million in the prior week.
Taxable bond funds saw combined inflows of $6.921 billion in the latest reporting week after inflows of $4.587 billion in the previous week.

ICI said the total combined estimated outflows from all long-term mutual funds and ETFs were $5.961 billion after revised inflows of $8.478 billion in the prior week. Equity funds were the biggest losers of the week with $13.849 billion of outflows.

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.

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Primary bond market Secondary bond market Municipal bond funds Clark County School District North Texas Municipal Water District Iowa Student Loan Liquidity Corporation Michigan State Housing Development Authority State of California State of New York State of Texas
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