The municipal market was firmer by five to seven basis points yesterday, as the week's two largest scheduled deals were priced in the primary market.
Goldman, Sachs & Co. priced for institutional investors $745 million of electric system revenue bonds for Arizona's Salt River Project Agricultural Improvement and Power District, following a retail order period Monday. The bonds mature from 2011 through 2029, with term bonds in 2034 and 2039. Yields range from 1.56% with a 3% coupon in 2011 to 5.08% with a 5% coupon in 2039. The bonds, which are callable at par in 2019, are rated Aa1 by Moody's Investors Service and AA by Standard & Poor's.