As the market continued to digest Wednesday’s first public offerings of Build America Bonds, municipals showed continued strength with yields dipping three to five basis points.

Leading the new-issue market yesterday, JPMorgan priced $242.3 million of revenue bonds for Georgia’s Private Colleges and Universities Authority. The bonds mature from 2009 through 2029, with term bonds in 2032 and 2035. Yields range from 0.68% with a 3% coupon in 2010 to 4.96% with a 5% coupon in 2035. Bonds maturing in 2009 will be decided via sealed bid. The bonds, which are callable at par in 2019, are rated Aa2 by Moody’s Investors Service and AA by Standard & Poor’s.

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