Municipal bonds were stronger at midday according to a read of the MBIS benchmark scale, which showed yields falling as much as two basis points all along the curve. Treasury bonds strengthened as stocks continued to show weakness.

In the primary, the lion’s share of the week’s deals hit the screens, topped by offerings from New York City and Clark County.

Primary market
Citigroup priced New York City’s $850 million of Fiscal 2018 Series F Subseries F-1 tax-exempt general obligation bonds and $67.88 million of Fiscal 2004 Series A Subseries A2 after holding a two-day retail order period.

NYC also competitively sold $250 million of taxable bonds. JPMorgan Securities won the $138.68 million of Fiscal 2018 Series F Subseries F-2 taxable) GOs with a true interest cost of 3.3058%. JPMorgan also won the $111.32 million of Fiscal 2018 Series F Subseries F-3 taxable GOs with a TIC of 3.6142%.

The deals are rated Aa2 by Moody’s Investors Service and AA by S&P Global Ratings and Fitch Ratings.

Since 2008, the Big Apple has sold about $47.8 billion of securities, with the most issuance occurring in 2008 when it sold $6.69 billion and the least (excluding this year) in 2011 when it sold $2.66 billion.

RBC Capital Markets priced Clark County, Nev.’s $645.15 million of Series 2018A limited tax GO stadium improvement bonds additionally secured with pledged revenues. The deal is rated Aa2 by Moody’s and AA by S&P and Fitch.

RBC also priced the Texas Water Development Board’s $289.52 million of new series 2018 state revolving fund revenue bonds. The deal is rated AAA by S&P and Fitch.

Siebert Cisneros Shank & Co. priced the Fort Worth Independent School District's $163.68 million of Series 2018 unlimited tax school building bonds. The deal is backed by the Permanent School Fund guarantee program and rated triple-A by Moody's and S&P.

Wells Fargo Securities priced the Connecticut Health and Educational Facilities Authority’s $88.28 million of Series K-1 revenue bonds for the University of New Haven. The deal is rated BBB by S&P.

Wednesday’s bond offerings

New York:
Click here for the New York City institutional pricing

Click here for Day 2 of the New York City retail pricing

Click here for Day 1 of the New York City retail pricing

Click here for the New York City Series 2004 retail pricing

Nevada:
Click here for the Clark County Las Vegas stadium pricing

Texas:
Click here for the Water Development Board pricing

Click here for the Fort Worth ISD pricing

Connecticut:
Click here for the New Haven University pricing

Bond Buyer 30-day visible supply at $9.22B
The Bond Buyer's 30-day visible supply calendar increased $477.1 million to $9.22 billion on Wednesday. The total is comprised of $4.12 billion of competitive sales and $5.10 billion of negotiated deals.

Previous session's activity
The Municipal Securities Rulemaking Board reported 43,735 trades on Tuesday on volume of $11.46 billion.

California, Texas and New York were the states with the most trades, with the Golden State taking 16.132% of the market, the Lone Star State taking 11.701% and the Empire State taking 11.098%.

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.

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Chip Barnett

Chip Barnett

Chip Barnett is a journalist with more than 40 years of experience. Barnett is currently Senior Market Reporter for The Bond Buyer.
Aaron Weitzman

Aaron Weitzman

Aaron Weitzman is a markets reporter for The Bond Buyer, focusing on the sell side of the municipal bond market.