The municipal market was unchanged to slightly weaker yesterday. Traders said tax-exempt yields on the short and intermediate parts of the curve were unchanged, with some scattered weakness on the long end of the curve.
Barclays Capital priced $723 million of new-money and refunding bonds for the New York City Municipal Water Finance Authority in two series, including $504 million of taxable Build America Bonds. Of the $219 million tax-exempt refunding, final yields ranged from 1.20% in 2012 to 4.23% in 2027, according to a press release. Pricing information on the BABs was not available by press time. The credit is rated Aa3 by Moody’s Investors Service, AA-plus by Standard & Poor’s, and AA by Fitch Ratings.