The municipal market was firmer yesterday as New York’s Empire State Development Corp. came to market with a $521 million deal.
Citi priced $520.7 million of state personal income tax revenue bonds for the ESDC in two series. Bonds from the larger series of $486.7 million mature from 2008 through 2027, with yields ranging from 2.80% with a 4% coupon in 2009 to 4.11% with a 5% coupon in 2027. The bonds are callable at par in 2017. Bonds from the smaller series of $34 million are taxable, and mature from 2008 through 2017. The bonds are rated AAA by Standard & Poor’s and AA-minus by Fitch Ratings.