Yields in the tax-exempt market edged slightly higher again yesterday, while one of the week's largest scheduled transactions was priced in the new-issue market.
Merrill Lynch & Co. priced $440.8 million of electric and gas systems revenue refunding bonds for San Antonio. The bonds mature from 2015 through 2031, with a term bond in 2034. Yields range from 2.78% with a 3.25% coupon in 2015 to 5.20% with a 5% coupon in 2034. The bonds, which are callable at par in 2019, are rated Aa1 by Moody's Investors Service, AA by Standard & Poor's, and AA-plus by Fitch Ratings.