NEW YORK, July 3 Roadways, ports and water
projects lead an estimated $4.5 billion U.S. municipal bond and
note sale calendar next week, including a $250 million deal from
the Indiana Finance Authority on behalf of a public-private
interstate highway project.
Citigroup is the lead manager for the negotiated sale of
Indiana's private activity bonds, preliminarily rated BBB-minus
by Standard & Poor's Ratings Services. The bonds are subject to
the alternative minimum tax.
Proceeds of the sale go to I-69 Development Partners LLC to
design, build, maintain and operate a 21-mile section of
By the closing date of the bond sale, I-69 Development
Partners is expected to be indirectly owned by a private Dutch
global infrastructure company and Canada's public retirement
system. The company will be 51 percent owned by Isolux
Infrastructure Netherlands B.V., and 49 percent owned by
Canada's Public Sector Pension Investment Board.
Also in the market next week is the New Jersey Turnpike
Authority, which is selling $125 million of floating rate
turnpike revenue bonds through lead manager RBC Capital Markets.
The deal is being offered in three series of 2014 B bonds.
The sale comes on the heels of the authority's May offering
of $1 billion of fixed-rate turnpike revenue bonds, series 2014
A, with serial maturities from 2027 to 2035. The deal was priced
with a top yield of 4 percent in the longest maturity with a 4
percent coupon, according to the final pricing sheet.
Also in the market next week is the Massachusetts Port
Authority, with a $251.7 million deal of both AMT and non-AMT
revenue and revenue refunding bonds pricing through Raymond
The Delaware River and Bay Authority, North Texas Municipal
Water District and California's Walnut Energy Center Authority
are also each selling at least $100 million of bonds in
negotiated deals next week.
The two biggest deals are both competitive ones, with the
Massachusetts School Building Authority selling $300 million of
subordinated sales tax bond anticipation notes on Thursday and
the state of Wisconsin offering $254.8 million of general
obligation bonds on Wednesday.
(Reporting by Hilary Russ; Editing by Meredith Mazzilli)