NEW YORK Jan 17 Municipal bond sales are seen
totaling about $5.11 billion next week, including a hefty $1
billion taxable deal by the Port Authority of New York and New
Jersey, according to Thomson Reuters estimates on Friday.
Deals this week were around $3.8 billion according to the
most recent data, and are expected to be less than the $4.88
billion forecast after a deal to help fund a nearly $1 billion
stadium for the National Football League's Minnesota Vikings was
The deal volume shows that issuance is starting to return to
normalized levels after a lull over the holiday period. Average
weekly issuance for last year was around $5 billion.
About $3.30 billion will come in the form of negotiated
deals and about $1.81 billion will be competitive deals.
The biggest deal next week is the Port Authority's $1
billion taxable bond sale led by Bank of America Merrill Lynch
and provisionally slated for pricing on Wednesday. The bonds
mature on Aug. 1, 2046, according to the preliminary official
Other major deals include a $650 million sale of general
revenue bonds by the New York State Thruway Authority. The deal
was increased from $360 million to include a refunding portion,
according to a market source. Barclays Capital will hold a
retail order period for the bonds on Tuesday followed by formal
pricing on Wednesday.
Among competitive deals, the State of Washington will sell
$717.1 million of general obligation bonds in three series.
About $355 million of bonds are structured with serial
maturities from 2022 through 2039, $273.9 million of motor
vehicle fuel tax bonds have serial maturities from 2015 through
2039 and $88.1 million of taxable bonds mature in 2015 through
2022, according to the POS.