In the latest installment of Muni Minute The Bond Buyer's 60-second video series we look at this weeks primary market, where over $9 billion of new deals will price into a rising rate environment after last weeks paltry new issue slate. The weeks headliner is Chicago OHare Airports $1 billion of senior lien revenue bonds, its second $1 billion-plus deal of November. Also on tap is the New Jersey Economic Development Authoritys $1 billion deal and the District of Columbias $578 million sale.
VOICE OVER: It's feast after famine this week as a smorgasbord of new supply is set to hit the municipal bond market after a dearth of issuance marked the Thanksgiving holiday week. And winter is coming. The new deals will be pricing into a rising rate environment, with muni yields up more than 100 basis points since falling to all-time record lows over the summer. Teeing up on the runway for its second billion dollar deal of November is Chicago O'Hare Airport's $1 billion of senior lien revenue bonds. The deal, which is set for sale on Wednesday, will be priced by Morgan Stanley.
Also on top is the New Jersey Economic Development Authority's $1 billion of school facilities construction and refunding bonds. Barclay's Capital is set to price that deal on Wednesday. The District of Columbia is coming to market with $578 million of general obligation and refunding bonds. Barclays is also expected to price that offering on Wednesday. In the competitive arena, Massachusetts is selling $500 million of bonds in three separate sales on Wednesday.
I'm Chip Barnett and this has been Muni Minute.