Market Post: Munis Remain Flat In Afternoon Trade

The municipal market was little changed in afternoon trade, as New York City came to market with roughly $1.1 billion of taxable and tax-exempt bonds via both competitive and negotiated sale. Final pricing levels have now been released.

   Citi priced $949 million of tax-exempt general obligation bonds for New York City in three series. Bonds in the largest series -- worth $600 million -- mature from 2009 through 2013, and 2018 through 2029. Yields range from 3.40% with a 4% coupon in 2009 to 4.85% with a 4.75% coupon in 2029. Bonds in the next largest series -- worth $335.6 million -- mature from 2009 through 2019. Yields range from 3.40% with a 4% coupon in 2009 to 4.44% with a 5% coupon in 2019. Bonds in these two series are callable at par in 2017. Bonds in the smallest series -- worth $13.4 million -- mature from 2008 through 2012. Yields range from 3.35% with a 4% coupon in 2008 to 3.76% with a 4% coupon in 2012.

To read the column in its entirety, go to The Bond Buyer web site.

Michael.Scarchilli-AT-sourcemedia-DOT-com

Dakin.Campbell-AT-sourcemedia-DOT-com