The municipal market was mostly unchanged yesterday, with some firmness exhibited on the long end, as California’s M-S-R Energy Authority came to market with a $900 million sale.“We are seeing some activity out long,” a trader in Los Angeles said. “There isn’t too much movement elsewhere on the curve, but we’re picking up a few basis points on the long end. Maybe one or two basis points better out there.”

In the new-issue market yesterday, Citi priced $901.6 million of gas revenue bonds for M-S-R in three series. Bonds from the $201 million Series A mature in 2029, 2034, and 2039, yielding 6.375% with a 6.125% coupon, 6.68% with a 7% coupon, and 6.70% with a 6.5% coupon, respectively. Bonds from the $500.2 million Series B mature in 2029, 2034, and 2039, yielding 6.375% with a 6.125% coupon, 6.68% with a 7% coupon, and 6.70% with a 6.5% coupon, respectively.

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