Tax-exempts were firmer by three to five basis points yesterday, while the Allegheny County, Pa., Hospital Development Authority came to market with one of the week's largest scheduled new-issue transactions.
RBC Capital Markets priced $400 million of revenue bonds for the authority, with serial maturities from 2010 through 2024, and term bonds in 2029, 2034, and 2039. Yields range from 2.79% with a 4% coupon in 2011 to 5.75% with a 5.625% coupon in 2039. Bonds maturing in 2010 will be decided via sealed bid. The bonds are callable at par in 2019, except for the $25 million 2034 maturity, which is callable in 2014. The credit is rated Aa3 by Moody's Investors Service, A-plus by Standard & Poor's, and AA-minus by Fitch Ratings.