The primary market took center stage yesterday, as several of the week's largest scheduled transactions were priced against a backdrop of fairly light secondary market trading and unchanged to slightly elevated yield levels.

In the new-issue market, Merrill, Lynch & Co. priced $330 million of revenue bonds for Tennessee's Nashville-Davidson County Metropolitan Government in two series. Bonds from the $99 million Series A mature from 2015 through 2019, with term bonds in 2029, 2034, and 2039. Yields range from 3.21% with a 4% coupon in 2015 to 5.28% with a 5% coupon in 2039. Bonds from the $231.1 million Series B mature from 2015 through 2019, with term bonds in 2029, 2034, and 2039. Yields range from 3.21% with a 5.25% coupon in 2015 to 5.28% with a 5% coupon in 2039. All the bonds are callable at par in 2019. The credit is rated Aa2 by Moody's Investors Service and AA by both Standard & Poor's and Fitch Ratings.

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