The municipal market was quiet and largely unchanged yesterday, though with a slightly weaker tone, as the New York Transitional Finance Authority priced a $600 million deal and Los Angeles County postponed its $1.1 billion note sale originally slated for this week.Citi priced the $600 million sale of building aid revenue bonds for the New York TFA. The bonds mature from 2011 through 2034, with a term bond in 2034. Pricing information was not available by press time. Citi began offering the bonds to retail investors Monday with a high yield of 5.30% with a 5.25% coupon in 2039. The credit is rated A1 by Moody's Investors Service and AA by Standard & Poor's.
The one-year tax and revenue anticipation note sale from Los Angeles County was postponed and moved to the day-to-day calendar yesterday, reportedly to review budgetary implications. Merrill Lynch & Co. is now expected to price the notes as early as next week, market sources say. The notes are rated MIG-1 by Moody's, SP-1-plus by Standard & Poor's, and F1-plus by Fitch Ratings.