May 30 Sales of U.S. municipal bonds and notes
next week will total more than $8.6 billion, up from a revised
$5.1 billion during this shortened holiday week.
California short-term notes sales lead next week's calendar,
with the Los Angeles County slated to price the biggest deal:
about $900 million of tax and revenue anticipation notes on
Wednesday through lead manager JP Morgan Securities Inc. The
fixed-rate notes mature on June 30, 2015.
Last year, the county sold $1 billion of such notes, and the
smaller offering this year reflects the county's improving
financial condition, county treasurer Mark Saladino said in a
presentation to investors.
Another California issuer, the city of Long Beach, is
offering about $325 million of harbor revenue short-term notes
to help fund a replacement for the Gerald Desmond bridge at the
Port of Long Beach.
The non-callable notes mature in November 2018 and are rated
double-A by both Standard & Poor's Ratings Services and Fitch
Ratings. Citigroup is the senior manager, with retail pricing on
Wednesday and institutional pricing on Thursday.
The bridge won't produce revenue, but the notes will have
senior lien on port revenues. The project can also tap into a
federal Transportation Infrastructure Finance and Innovation Act
(TIFIA) loan of up to a $325 million, which closed on May 21, if
needed to repay the notes down the road.
With a total cost of nearly $1.3 billion, the project is
getting roughly $800 million from federal and state grants,
according to port spokesman Art Wong.
About 15 percent of the nation's imports cross the bridge by
truck already, he said. It links the two busiest container ports
in the United States, those of Long Beach and Los Angeles.
The California counties of San Bernardino, Kern, Ventura,
Riverside and Fresno are also selling TRANs next week.
(Reporting by Hilary Russ in New York; Editing by Leslie Adler)