Amid a backdrop of weakness in the municipal secondary market, participants focused on new issues as they began to digest the large slate of supply on tap this week.The Puerto Rico Sales Tax Financing Corp. increased its planned $3.5 billion deal set for today by $1 billion to $4.5 billion. The deal is slated to be priced for institutional investors by Citi today. Retail pricing details were unavailable, but the multi-faceted structure consists of current interest serial bonds maturing from 2014 to 2020, term bonds in 2024, 2039, 2042 and 2044, capital appreciation bonds from 2021 to 2036, and conversion bonds due from 2017 to 2022 and in 2040. The bonds are rated A2 by Moody's Investors Service, A-plus by Standard & Poor's, and A by Fitch Ratings.

Goldman, Sachs & Co. priced $351 million of special tax revenue refunding bonds for the Pennsylvania Intergovernmental Cooperation Authority. The bonds mature from 2010 through 2023, with yields ranging from 1.60% with a 2.5% coupon in 2011 to 4.36% with a 5% coupon in 2023. Bonds maturing in 2010 will be decided via sealed bid. The bonds, which are callable at par in 2019, are rated Aa3 by Moody's and AA by both Standard & Poor's and Fitch.

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