Monday, March 16, 2020 THE MARKETS AFTER A WEEK IN WHICH ALL markets faced a historical whirlwind from the COVID-19 spread, Friday marked a some- what calm tenor for the munic- ipal market. . . . . . . . . . . . . 2 WEB EXCLUSIVES COMMENTARY: IN TIMES OF volatili- ty, information and transparen- cy are critical. Now, more than ever, there is a need to effi- ciently identify and understand all comparable securities and trades, writes Gregg Bienstock, chief executive officer and co-founder of Lumesis Inc. COMMENTARY: THE SEC’S PRIVATE placement exemptive order is unnecessary, would damage markets and should be reject- ed, writes Michael Nicholas of Bond Dealers of America. GENERAL OBLIGATION, ESSENTIAL public revenue bonds and even debt backed by tourism-re- lated revenues may weather the COVID-19 outbreak with minimal to temporary impacts while senior living is more at risk, Nuveen says in a report. SQUIRE PATTON BOGGS ADDED three junior partners in offices across the country in its Public & Infrastructure Finance prac- tice. Thomas Bruder in Los Angeles, Lauren Trialonas in New York and Jennifer Cosper in Phoenix were named princi- pals in the practice. MONDAY www.bondbuyer.com Vol. 392 No. 35274 N.Y., N.Y. THE DAILY NEWSPAPER OF PUBLIC FINANCE How severe a financial hit New York City will take during the COVID-19 pandemic is as much of an unknown as the degree of virus spread. “I don’t think for most of us, even who have been in public life a long time, we’ve seen a situation quite like this where we receive extraordinary new information on what now literally feels like an hourly basis,” Mayor Bill de Bla- sio told reporters Thursday while declaring a state of emergency. “The last 24 hours have been very, very sobering.” Plummeting markets — with Thursday’s Dow Jones plunge the worst since “Black Monday” in October 1987 — and a shutdown New York Mayor Declares COVID-19 Emergency BY PAUL BURTON Turn to New York page 5 Ed Reed/Mayoral Photography Office Santee Cooper Suit Is Settled Santee Cooper has agreed to a legal settlement to end a mas- sive class-action lawsuit filed over the nuclear reactor project that was shelved before completion, a move that’s good news for bond- holders, according to an energy expert. The South Carolina-owned public utility’s board of directors agreed Thursday to pay $200 mil- lion in cash over three years and to freeze rates for four years to end the suit that was filed by a class of ratepayers led by Jessica S. Cook in the Hamilton County Court of Common Pleas on Aug. 22, 2017. The suit, which attempted to claw back charges customers paid for the unfinished twin nuclear reactor project, also names sev- eral electric cooperatives, former and current Santee Cooper di- rectors, South Carolina Electric & Gas and SCANA Corp., and Dominion Energy, which bought SCANA in January 2019. “It is intended to be a global BY SHELLY SIGO Turn to State page 5 are difficult to dimension. The pace and magnitude to which the coro- navirus disease (COVID-19) has undermined global confidence is nothing short of historic.” So far, other ratings agencies have taken a piecemeal approach to judging the negative implications of COVID-19-related announcements such as the suspension of the Na- tional Basketball Association sea- son and cancellation of the NCAA college basketball championships. “The severity of credit impact will vary by issuer depending on a number of factors,” Moody’s In- vestors Service said in a Thursday report. “Each issuer has different available liquid reserves and sourc- es of pledged revenues with vary- ing degrees of exposure to day of attendance.” Texas economist Ray Perryman, principal of the Perryman Group, did a 2017 study on the cost of losing a major event such as the NCAA’s Final Four tournament due to a potential boycott over ad- versarial social legislation. “Economic losses (including multiplier effects) from losing a representative large convention could be expected to include $49.6 million in gross product and 550 person-years of employment,” Per- ryman wrote three years ago. “Re- location of the men’s Final Four Events and attractions that drive billions of dollars in economic im- pact have canceled and shuttered across the nation, which will leave a hole in many government bud- gets and impact holders of bonds that financed stadiums, convention centers, hotels and arenas. Every professional sports league has suspended or postponed its sea- son, and events ranging from the Boston Marathon to the Houston Rodeo are off. Disney will shut its California and Florida parks. “Threat of pandemic is among the most challenging of shocks to analyze,” Kroll Bond Ratings Agency wrote March 6 in one of the earliest reports on impact by rating sector. “By its very nature, it involves fear and uncertainty, and the related risks to credit markets Locked gates at the Disneyland park in Hong Kong. Disney’s parks in California and Florida will also be padlocked. Events and Attractions Shut Down Turn to Canceled page 4 BY RICHARD WILLIAMSON Bloomberg News “The last 24 hours have been very, very sobering,” New York Mayor Bill de Blasio said as he declared a state of emergency. FRIDAY’S YIELDS Complete market coverage appears on page 2 1.3 1.7 2.2 2.7 3.2 3.7 03/13 03/10 03/05 03/02 The Bond Buyer 40 1.8 2.1 2.4 2.8 3.1 3.4 3.8 4.1 4.5 M F J D N O S A J J M A To Par Call 2.90 Unchanged To Maturity 3.70 Unchanged
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Monday, March 16, 2020
THE MARKETS
AFTER A WEEK IN WHICH ALL markets faced a historical whirlwind from the COVID-19 spread, Friday marked a some-what calm tenor for the munic-ipal market. . . . . . . . . . . . . 2
WEB EXCLUSIVES
COMMENTARY: IN TIMES OF volatili-ty, information and transparen-cy are critical. Now, more than ever, there is a need to effi-ciently identify and understand all comparable securities and trades, writes Gregg Bienstock, chief executive officer and co-founder of Lumesis Inc.
COMMENTARY: THE SEC’S PRIVATE placement exemptive order is unnecessary, would damage markets and should be reject-ed, writes Michael Nicholas of Bond Dealers of America.
GENERAL OBLIGATION, ESSENTIAL public revenue bonds and even debt backed by tourism-re-lated revenues may weather the COVID-19 outbreak with minimal to temporary impacts while senior living is more at risk, Nuveen says in a report.
SQUIRE PATTON BOGGS ADDED three junior partners in offices across the country in its Public & Infrastructure Finance prac-tice. Thomas Bruder in Los Angeles, Lauren Trialonas in New York and Jennifer Cosper in Phoenix were named princi-pals in the practice.
MONDAYwww.bondbuyer.com
Vol. 392 No. 35274 N.Y., N.Y. THE DAILY NEWSPAPER OF PUBLIC FINANCE
How severe a financial hit New York City will take during the COVID-19 pandemic is as much of an unknown as the degree of virus spread.
“I don’t think for most of us, even who have been in public life a long time, we’ve seen a situation quite like this where we receive extraordinary new information on what now literally feels like an hourly basis,” Mayor Bill de Bla-sio told reporters Thursday while declaring a state of emergency. “The last 24 hours have been very, very sobering.”
Plummeting markets — with Thursday’s Dow Jones plunge the worst since “Black Monday” in October 1987 — and a shutdown
New York Mayor Declares COVID-19 EmergencyBy Paul Burton
Turn to New York page 5
Ed Reed/Mayoral Photography Office
SanteeCooper Suit Is Settled
Santee Cooper has agreed to a legal settlement to end a mas-sive class-action lawsuit filed over the nuclear reactor project that was shelved before completion, a move that’s good news for bond-holders, according to an energy expert.
The South Carolina-owned public utility’s board of directors agreed Thursday to pay $200 mil-lion in cash over three years and to freeze rates for four years to end the suit that was filed by a class of ratepayers led by Jessica S. Cook in the Hamilton County Court of Common Pleas on Aug. 22, 2017.
The suit, which attempted to claw back charges customers paid for the unfinished twin nuclear reactor project, also names sev-eral electric cooperatives, former and current Santee Cooper di-rectors, South Carolina Electric & Gas and SCANA Corp., and Dominion Energy, which bought SCANA in January 2019.
“It is intended to be a global
By Shelly Sigo
Turn to State page 5
are difficult to dimension. The pace and magnitude to which the coro-navirus disease (COVID-19) has undermined global confidence is nothing short of historic.”
So far, other ratings agencies have taken a piecemeal approach to judging the negative implications of COVID-19-related announcements such as the suspension of the Na-tional Basketball Association sea-son and cancellation of the NCAA college basketball championships.
“The severity of credit impact will vary by issuer depending on a number of factors,” Moody’s In-vestors Service said in a Thursday report. “Each issuer has different available liquid reserves and sourc-
es of pledged revenues with vary-ing degrees of exposure to day of attendance.”
Texas economist Ray Perryman, principal of the Perryman Group, did a 2017 study on the cost of losing a major event such as the NCAA’s Final Four tournament due to a potential boycott over ad-versarial social legislation.
“Economic losses (including multiplier effects) from losing a representative large convention could be expected to include $49.6 million in gross product and 550 person-years of employment,” Per-ryman wrote three years ago. “Re-location of the men’s Final Four
Events and attractions that drive billions of dollars in economic im-pact have canceled and shuttered across the nation, which will leave a hole in many government bud-gets and impact holders of bonds that financed stadiums, convention centers, hotels and arenas.
Every professional sports league has suspended or postponed its sea-son, and events ranging from the Boston Marathon to the Houston Rodeo are off. Disney will shut its California and Florida parks.
“Threat of pandemic is among the most challenging of shocks to analyze,” Kroll Bond Ratings Agency wrote March 6 in one of the earliest reports on impact by rating sector. “By its very nature, it involves fear and uncertainty, and the related risks to credit markets
Locked gates at the Disneyland park in Hong Kong. Disney’s parks in California and Florida will also be padlocked.
Events andAttractionsShut Down
Turn to Canceled page 4
By richard WilliamSon
Bloomberg News
“The last 24 hours have been very, very sobering,” New York Mayor Bill de Blasio said as he declared a state of emergency.
FRIDAY’S YIELDS
Complete market coverage appears on page 2
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3.7
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2.1
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2.8
3.1
3.4
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MFJDNOSAJJMA
To Par Call2.90 Unchanged
To Maturity3.70 Unchanged
001_BB031620 1 3/13/2020 5:09:15 PM
The Bond Buyer2 Monday, March 16, 2020
Consumer fears over the spread of COVID-19 spilled over into some of the first data measuring the eco-nomic effects of the virus on public opinion.
The University of Michi-gan reported Friday that its preliminary readings of con-sumer sentiment declined across the board in March.
The index of consumer sentiment fell to 95.9 from 101.0 in February; the cur-rent economic conditions index declined to 112.5 from 114.8; and the index of consumer expectations dropped to 85.3 from 91.2.
Economists surveyed by IFR Markets had expected the index of consumer sentiment to have come in at 95.0, the current economic conditions index to read 112.6 and the consumer expecta-tions index to come in at 88.2.
“Consumer sentiment fell in early March due to the spreading coronavirus and the steep declines in stock pric-es,” said the survey’s chief economist, Richard Curtin. “Importantly, the initial response to the pandemic has not gener-ated the type of economic panic among consumers that was present in the run-up to the Great Recession. Nonetheless, the data suggest that additional declines in confidence are still likely to occur as the spread of the virus continues to accelerate.”
He noted there was a bright spot in the report, the long-term outlook.
“Perhaps the most important factor limiting consumers’ initial reactions is that the pandemic is widely regard-ed as a temporary event,” Curtin said. “The component of the sentiment index that posted the greatest loss involved judgments about prospects for the econ-omy during the year ahead; this com-
ponent fell by 29 points, accounting for 83% of the total point decline in early March. In sharp contrast, consumers more favorably judged the economic out-look over the next five years than last month.”
IMPORT PRICES
U.S. import prices fell 0.5% in February after a 0.1% gain in January, the
Labor Department reported.February’s fall was the largest decline
since the index fell 0.6% in August.Prices for U.S. exports dropped 1.1%
in February, after rising 0.6% in Janu-ary.
Economists surveyed by IFR Mar-kets had expected import prices to have dropped by 0.9% in February and export priced to have fallen 0.4%.
On a year-over-year basis, import prices decreased 1.2% from February 2019 to February 2020, as declining prices for both non-fuel and fuel im-ports contributed to the movement.
Falling import fuel prices more than offset higher prices for non-fuel im-ports. Import fuel prices decreased 7.7% in February, the largest monthly decline since the index dropped 7.8% in June 2019. The February decrease was led by lower prices for petroleum, though fall-ing prices for natural gas also contrib-uted to the monthly decline. Petroleum prices fell 7.6% in February following no change in January and a 0.5% ad-vance in December. The price index for natural gas declined 12.4% in February, after decreasing 13.2% in January.
Import fuel prices fell 5.8% over the past 12 months, driven by a 5.5% drop in petroleum prices and a 13.9% decline in natural gas prices. q
Fears of COVID-19 Send ConsumerSentiment Down Across the Board
Chip Barnett
Government Securities Prices 10-year: 10511/32 to yield 0.94%, down 16/32
30-year: 1111/32 to yield 1.53%, down 121/32
Municipal Bond Index 1327/32, up 1/32
The Bond Buyer’s Total: Total: $14.751 billion, up $2.589 billion
30-Day Visible Supply Competitives: $2.140 billion, up $72.7 million
(as of 3/16) Negotiated: $12.611 billion, up $2.516 billion
TheMuniCenter List Offering Total: $12.418 billion, down $4.010 billion
Friday’s Data
Major Deals This Week
Amount Lead Expected Preliminary (in millions) Issuer Underwriter Pricing Date Structure
$707 Great Lakes Water Auth., Mich. Citigroup Wednesday Serials, terms
$320 NYS Housing Finance Agency Wells Fargo Wednesday Serials, terms
$304 Lower Colorado River Auth. Citigroup Tuesday Serials, terms
$300 Rush Obligated Group Citigroup Tuesday Corp. CUSIP
$237 Ariz. Industrial Development Auth. RBC Wednesday Serials, terms$203 Hamilton County BofA Wednesday Serials, terms$149 Calif. Health Facilities Financing RBC Tuesday Serials, terms$148 Forsyth Co., Ga., School Dist. Citigroup Tuesday Serials, terms
$146 Calif. Health Facilities Financing Morgan Stanley Tuesday Serials, terms
$145 San Diego UHSD RBC Tuesday Serials, terms
Economic Indicators This Week
Day Indicator Last Report Forecast
Monday Empire State Mfg Survey Feb.: 12.9 March: n/a
Tuesday Retail Sales Jan.: +0.3% Feb.: +0.1%
Tuesday ex-Autos Jan.: +0.3% Feb.: +0.1%
Tuesday Industrial Production Jan.: -0.3% Feb.: +0.3%
Tuesday Capacity Utilization Jan.: 76.8% Feb.: 77.0%
Tuesday Business Inventories Dec.: +0.1% Jan.: unch
Tuesday NAHB Index Feb.: 74 March: 74
Wednesday Housing Starts Jan.: 1.567M Feb.: 1.485M
Wednesday Building Permits Jan.: 1.550M Feb.: n/a
Thursday Initial Jobless Claims 3/7: 211,000 3/14: n/a
Thursday Philly Fed Manufacturing Feb.: 36.7 March: n/a
Friday Leading Indicators Jan.: +0.8% Feb.: unch
Friday Existing Home Sales Jan.: 5.46M Feb.: 5.50M
Forecasts represent the median of estimates by economists polled by IFR Markets
Market News
Municipal Bonds Get Friday Respite From Extreme VolatilityAfter a week in which all markets
faced a historical whirlwind from the COVID-19 spread, Friday marked a somewhat calm tenor for the municipal market.
Uncertainty still abounds for the public finance space, as just before the market close President Trump declared a national emergency. Meanwhile, states and cities across the country are closing schools, courts, national sporting events, and cutting back public transit. But Friday, at least, provided the municipal market some reprieve from the five previous vol-atile days.
Triple-A benchmarks were steady, with some even seeing a few bumps, while participants await a new week in which issuers will see whether they can access the market.
“I would think that most people are still trying to digest the week we went through and doing their best to try and
get back to normal,” a New York trader said. “The key word there being ‘trying,’ as that may be easier for some and not so easy for others.”
Meanwhile, the new-issue calendar looks to be about $5 billion with the last-min-ute addition of the New York State Urban Development Corporation putting a $1.58 billion state sales tax reve-nue refunding bond deal on the calendar.
“One of the beauties and challenges is how many issuers, CUSIPs, coupons, call dates and other structural features that we have in the municipal market,” said John Heppolette, head of municipal markets and finance at Citigroup. “When you have a large move, and a lot of idiosyn-cratic moves, it’s very hard for a pricing service to value more than a million CU-
SIPs all of the same.“Muni yields are still at-
tractive for issuers on a his-torical basis and as a market we will get through this,” Heppolette said. “Primary volume will be much more market-dependent than usu-al, but municipalities have the liquidity to wait and will still have low debt costs.”
What’s transpired?It took exactly a year—
between January 2019 and January 2020—for the 10-year AAA spot to rally 100 basis points and just four trading days to sell off 85 basis points,” said Kim Olsan, senior vice president of municipal bond trading at FHN financial. “Dramatic moves in response to liquidity needs have taken implied spots back to levels from June 2019.”
She added that for many months, the market fought and struggled to justify 0%-2% handles, but relative value was more or less well aligned and levels ad-
justed accordingly.“When COVID-19 emerged and a
flight to quality took hold, relative value was the first sign of becoming distort-ed well to the high side of history,” Ol-san said. “But the recent distress forced yields back to a more natural equilibrium — mid-1% inside 10 years, 2% now in high-grade 10-year bonds and long-dated 3% handles.”
She also said that sellers were met by bid levels dramatically wider from their lows of just a few days ago.
“Once momentum developed with cus-tomer orders and post-bid follow-through business, there was a sense of some work-able trading range developing,” she said. “In some cases, levels were adjusted 100 basis points or more from a week ago.”
Tom Kozlik, head of municipal strat-egy and credit at Hilltop Securities said that we are now at the point where several economists are calling for a 100 basis point cut and potentially additional quan-titative easing measures by the Federal Reserve at their March 18 meeting. q
By aaron Weitzman
002_BB031620 2 3/13/2020 5:09:17 PM
www.bondbuyer.com 3Monday, March 16, 2020
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003_BB031620 3 3/13/2020 5:09:19 PM
The Bond Buyer4 Monday, March 16, 2020
1 ‘Unprecedented’ conditions stagger municipal market
Municipal bond market participants are calling the COVID-19-led sell-off worse for the market than the aftermath of September 11th and the 2008 financial crisis combined.
2 ICE Data Services hires another from Bloomberg
Sowjana Sivaloganathan, who was municipal markets product manager at Bloomberg, has joined Intercontinental Exchange’s ICE Data Services to focus on fixed-income product management.
3 Muni yields skyrocket, new issues pulled amid COVID-19 fears
The municipal market was hammered Wednesday by the COVID-19 pandemic with a more than quarter point correction in AAA benchmarks, issuers pulling deals off the shelves and more reports of pricing and evaluation confusion in an already complicated market.
4 Puerto Rico restructured bond makes partial payment
The bond’s official statement warned not to expect payments on time.
5 Yields plummet amid virus, oil fears, Dow closure
The municipal market fell as much as 10 to 12 basis points at one point on Monday amid the COVID-19 crisis and its ricocheting effects on the global economy.
6 Munis see large correction in volatile times
Volatility continues to hang over financial markets due to COVID-19, and after a Monday that had all stocks down at least 6%, stocks rebounded Tuesday and muni yields were up as much as 16 basis points.
7 COVID-19 sends muni and UST yields to uncharted territory
As fear and uncertainty over COVID-19 increase by the minute, it has sent yields for both municipals and Treasuries never before seen low levels — beg-ging the question if we could see zero or negative yields here in the States.
8 Chicago’s convention center and two health systems add COVID-19
disclosureThe public agency that manages Chicago’s conven-tion center warned of potential fiscal fallout from COVID-19 in an updated offering statement.
9 Energy supplier cuts off Virgin Islands WAPA
An energy supplier to the two northern U.S. Virgin Islands cut off service in response to the local utili-ties’ failure to pay it, in what analysts say is a sign of continuing financial stress at the utility.
10 Oil price collapse a gut punch for producing states
With oil prices plummeting, energy-producing states of the Southwest face another economic rollercoaster less than six years after the last collapse.
.com
Ten Most-Viewed StoriesAs of Friday, March 13, 2020
The list of most-viewed stories is compiled each Friday and emailed to subscribers. To start your subscription visit www.bondbuyer.com or call 800 982-0633.
Regions
Canceled Events and Closed Attractions Will Take a Fiscal Toll could be expected to cause losses of $351.6 million in gross product and about 3,830 per-son-years of employment. Lost tax receipts would also be substantial, including $1.4 million foregone by local government entities due to losing a major convention, with $9.7 million lost if the Final Four were relocated.”
The cancellation of the NCAA men’s bas-ketball tournament means no “Sweet 16” regional finals in New York, Los Angeles, Houston and Indianapolis or Final Four in Atlanta April 4-6.
In Oklahoma City, more than 18,000 fans of the Oklahoma Thunder NBA team were waiting for the game to start Wednesday night when it was abruptly canceled after a player for the visiting Utah Jazz was found to have the coronavirus known as COVID-19. Then, the NBA announced its season would be suspended as the playoffs neared.
Houston this week canceled its annual ro-deo that last year attracted 2.5 million people and was estimated to deliver $227 million in total economic impact.
That announcement followed Austin’s stunning decision to cancel the 10-day South by Southwest festival that showcases music, entertainment, high-tech and other business ventures.
According to Greyhill Advisors, the 2019 SXSW provided Austin with a total econom-ic benefit worth roughly $356 million.
“Loss of revenue from taxes generated by visitors will likely accelerate budgetary challenges for Austin, which is grappling with rising operational and retiree benefit costs and new limitations on property tax rev-enue in the upcoming fiscal year,” Moody’s analysts said.
“While the negative outlook on Austin’s rating translates to downward pressure and the possibility of a downgrade in the next 12-18 months, the city retains our highest Aaa rating and its strong economy and gov-ernance provide a buffer against the revenue hit,” they added. “In addition, property tax revenue that secures the city’s general obli-gation limited tax bonds offers stability given the time it takes for a decline in the revenue
stream to materialize.”Canceled events will hit the hotel occupan-
cy tax revenues that support convention cen-ters, stadiums and museums in most cities.
Fees on rental cars supporting sports fa-cilities such as the Major League Baseball spring training camps in Arizona and Florida will also be curtailed.
Florida, hub of the cruise ship industry and the Orlando area’s multiple destination resorts, exemplified by Walt Disney World, will be particularly hard hit. Orange County, which includes Orlando and Disney World, collected a record $277 million in hotel taxes last year. That amount has increased every year for the past six years, according to the Florida Department of Revenue.
In Austin SXSW patrons booked more than 55,300 hotel room nights last year for the events, generating around $1.9 million in city hotel taxes in March 2019, according to Greyhill.
The amount equates to a nominal 2% of fiscal 2018 total hotel tax collections.
In fiscal year 2019, Texas saw a 5.8% increase in hotel occupancy tax, reaching
$636 million. Local taxing authorities are authorized to impose an additional hotel tax that is collected at the local level and is used for local governmental purposes.
New York State banned all social gath-erings of 500 or more people, and the U.S. Capitol shuttered to the public.
California, one of several states that have declared public emergencies over the out-break, is facing the loss of much of its tourist season.
The Electronic Entertainment Expo, a gaming convention that generated $75 mil-lion for Los Angeles is one of several events in the state to be canceled. The city collected $326 million in hotel taxes in 2018.
“These changes will cause real stress — especially for families and businesses least equipped financially to deal with them,” said California Gov. Gavin Newsom. “The state of California is working closely with busi-nesses who will feel the economic shock of these changes, and we are mobilizing every level of government to help families as they persevere through this global health crisis.”
In Anaheim, home of Disneyland, the 15% transient occupancy tax on the city’s 20,000 hotel rooms generates a significant piece of the city budget.
San Francisco City Controller Ben Ros-enfield told the Board of Supervisors Budget and Appropriations Committee Wednesday that the city expects to lose “tens of millions” to COVID-19 cancellations.
Rosenfeld said that $500 million the city collects annually from the hotel tax is expect-ed to drop dramatically.
In fiscal year 2001-02 after the dot-com bust and the 911 terrorist attacks, San Fran-cisco’s hotel room tax revenue fell by 29.8% from the prior fiscal year, the controller re-ported.
In Arlington, Texas, a $1 billion stadium financed with $500 million of tax-supported bonds was scheduled to open at the end of March with its first Texas Rangers Major League Baseball game.
Major League Baseball announced Thurs-day that it is halting spring training games and will delay Opening Day by at least two weeks due to the outbreak of coronavirus. Minor League Baseball followed suit.
Adjacent to the Rangers Globe Life Field stadium, the city of Arlington is working with a private developer on a hotel and convention center.
In a Thursday research report, Wells Fargo said, “it seems that recession is increasingly likely. The airline and hotel industries are in free fall, and there will be multiplier effects from cutbacks in those industries.”
In Las Vegas, hotel and convention center operators have a long history of facing crises such as the 2008 financial collapse that re-duced visitor volume by 4.4% or 1.7 million people.
“While a slight decline in visitor count was reported in both 2017 and 2018, year-end 2019 figures showed a slight uptick over prior-year levels,” Kroll analysts noted.
According to the 2018 Las Vegas Visitor Profile Study, international visitors account-ed for 20% of all visitors in 2018, which was up from 14% in 2009. In 2018, visitors from China made up about 4% of Las Vegas’ tourism.
— Keeley Webster and Shelly Sigo contrib-uted to this story.
Continued from page 1
A near-empty check-in line Thursday at Los Angeles International Airport. The cessation of much travel will impact tourism dependent governments and credits.
Bloomberg News
004_BB031620 4 3/13/2020 5:09:20 PM
www.bondbuyer.com 5Monday, March 16, 2020
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of entertainment facilities, such as Broad-way, and other businesses figure to sock the city’s revenue streams.
De Blasio said the financial support needed for New Yorkers and affected busi-nesses will require the state “and even more so, the federal government” to provide that help, the mayor said. “We’re going to urge them to do that.”
City Council Speaker Corey Johnson, meanwhile, said the council is looking at creating a fund to help people and business-es affected. That includes theaters, concert venues, movie theaters, gyms, sports are-nas, not-for-profits and other public-gath-ering places.
“The city must take actions to give them relief,” Johnson said.
The crisis has also revived the question of whether the city has enough reserves to withstand a downfall. Roughly $6 bil-lion of reserves consists of set-asides for emergencies or revenue shortfalls. Voters in November approved the establishment of a rainy day fund, which the capital markets perceive as credit solidifiers, but it remains unfinished business.
“We do have workarounds in the city and we do have rainy day funds in the state, but the key is they’re not effective unless you use them,” said Andrew Rein, president of the watchdog Citizens Budget Commis-sion. “The city and state need to be fiscally stable themselves, or they won’t have the ability to protect New Yorkers or New York
businesses.”According to Bank of America Securi-
ties, an issuer’s pre-virus credit will likely dictate credit impact, as it does with natural disasters. “Strong liquidity and reserves, the ability to borrow for cash-flow purposes, strong and proactive management teams and financial and fiscal practices are cru-cial,” BofA Securities said Friday.
“We prefer issuers with stronger debt and financial metrics and also debt higher in the capital structure. In times such as these, be selective,” they said.
Moody’s Investors Service upgraded New York’s general obligation bond rat-ing to Aa1 from Aa2 last March 1. S&P Global Ratings and Fitch Ratings both rate the city’s GOs AA. All three assign stable outlooks.
The city holds $38 billion of general ob-ligation debt, according to city Comptroller Scott Stringer’s office.
Meanwhile, New York slowing to a crawl has affected ridership — and revenue — of the state-run Metropolitan Transporta-tion Authority, which operates the city’s subways and buses, Long Island and Met-ro-North commuter railroads and several intraborough bridges and tunnels.
De Blasio and Gov. Andrew Cuomo have urged New Yorkers to work from home wherever possible and avoid crowded sub-way trains.
Subway ridership was down about 18% on Wednesday.
“Having said that, we carried four mil-lion people safely,” MTA Chairman Patrick
Foye said Friday on Fox 5’s Good Morning New York.” “The subway system, the bus system, the commuter rails are safe. We have increased, substantially, the frequency and intensity of disinfecting the stations.”
Cuomo, who controls the MTA, insisted that for now, the subways wouldn’t close.
“No, subways are not closing down, roads are not closing, New York City is not closing down,” he said. “First of all, no city in the state can legally close down unless the state lets it close down, the state government.”
Without city, state or federal subsidies or a temporary or permanent reliable funding source, New York’s Metropolitan Transpor-tation Authority will realize a wider budget gap in 2020 than its February financial plan projects because of COVID-19, Kroll Bond Rating Agency said.
According to Kroll, the continuing virus
fear could eat into the favorable budget forecasts MTA officials described in their February financial plan. For now, the au-thority plans to absorb such costs into its $14.7 billion budget, net of debt service, but is also exploring contingencies.
Delays in the launch of a conges-tion-pricing mechanism for Manhattan, which could raise up to $15 billion in mass transit through bonding, could also jeopar-dize the MTA’s bottom line.
Still, Kroll sees a silver lining.“KBRA believes that the current stressful
environment may finally force lawmakers to address the inevitable need for perma-nent new funding sources for the MTA’s operations,” it said in a commentary on Thursday. “Other large, vibrant metropoli-tan areas such as Dallas, Houston, and Los Angeles have addressed this need some time ago.” q
New York City Braces For Financial Blows After an Emergency is DeclaredContinued from page 1
Regions
State Utility’s Board Approves Class-Action Suit Settlement and complete settlement,” Santee Cooper General Counsel J. Michael Baxley told the board Thursday. Resolving the case is in the “best interest of Santee Cooper,” he added.
The 12 directors who oversee Santee Cooper voted unanimously to approve the terms of the deal, which includes language that precludes plaintiffs from taking future legal action.
Dominion will pay $320 million in stock that will be sold and converted to cash as part of the settlement. Santee Cooper and Dominion also agreed not to attempt to recover settlement proceeds in base rates or other customer charges.
The settlement still must be accepted formally in court by the plaintiff and pre-siding state Judge Jean Toal. A preliminary hearing toward that goal is set for March 17.
“The settlement is good news for bond-holders,” said former Moody’s Investors Service energy analyst Dan Aschenbach, now a partner in the utility consulting firm AGVP Advisory.
Santee Cooper, a 45% partner in the failed twin nuclear project, and SCE&G, the majority owner that headed up the con-struction, sunk about $9 billion into the effort before halting work on the partially built units after determining that it was much farther behind schedule than was thought and that it would cost far more
money to complete.While the Cook ratepayer lawsuit had
not reached the point of determining the financial liability each utility stood to in-cur, the proposed $520 million settlement would be far less than what had been in-vested into the nuclear debacle.
Santee Cooper had $4.2 billion of out-standing debt related to the twin nuclear project when work was halted July 31, 2017. It had total debt of $8.1 billion. Since
then, the utility, known formally as the South Carolina Public Service Authority, has aggressively paid down debt.
As of Dec. 31, 2019, $3.6 billion of nu-clear-related bonds and loans were out-standing, and total debt was $6.9 billion, according to unaudited figures provided by Santee Cooper.
Preliminary approval of the settlement by the judge will open a period during which all members of the class will be
identified, and then they will be given the opportunity to opt into or opt out of the settlement.
While that is pending, state legislators are still deciding Santee Cooper’s future.
A committee in the House of Represen-tatives determined March 3 that Santee Cooper should be reformed while trying to negotiate better terms on which to pursue a sale to NextEra, the company that owns Florida Power & Light, an investor owned utility.
House Speaker Jay Lucas, R-Darling-ton, also supports selling Santee Cooper and he wants to remove and replace the entire board of directors, according to The State newspaper. While a final decision hasn’t been reached in the Senate, some lawmakers in that chamber have said they believe the state should retain the publicly owned asset.
Aschenbach, in a March 12 blog post, argues that Santee Cooper should be re-formed, not sold. He looks back at the history of the nuclear projects once sup-ported by federal and state agencies and lawmakers.
The proposal to privatize Santee Coo-per has “math that is being used to justify privatization, but it doesn’t add up for rate-payers in the short or long-term,” he wrote.
“Santee Cooper’s electricity rates for residential customers are still well below the main competitor in the state even when adding into the bill the amortization of the stranded nuclear debt,” Aschenbach said. q
Santee Cooper’s board of directors approved a settlement aimed at ending a massive class-action lawsuit over the utility’s failed nuclear project.
Continued from page 1
005_BB031620 5 3/13/2020 5:09:22 PM
The Bond Buyer6 Monday, March 16, 2020
TRENDS IN THE REGIONNortheast
New Jersey Foes Come Together forK-12 Healthcare Savings Agreement
Two New Jersey political rivals have teamed up on a health benefits saving plan that promises hundreds of millions in year-ly savings to school districts statewide.
The New Jersey Education Associa-tion and Senate President Steve Swee-ney, D-Gloucester, after nearly a decade of clashes stemming from a 2011 pension overhaul, announced Monday a proposal they said would reduce school district and employee healthcare costs by $1 billion annually.
The proposed deal would generate around $614 million in annual savings to the Garden State’s school districts, they say, at a time when many are facing bud-getary challenges from state aid cuts and limits from property tax caps.
“This agreement is a result of several months of intense negotiations and rep-resents the culmination of several years of efforts to identify opportunities to address the quality of healthcare while dealing with the reality of skyrocketing costs,” Sweeney said at a statehouse news conference with NJEA president Marie Blistan. “This has been a long, long journey.”
The NJEA’s previous feud with Sweeney stems back to 2011 when the Democratic lawmaker teamed with former Republican Gov. Chris Christie on pension changes ve-hemently opposed by the powerful teachers union.
Union leaders later attacked Sweeney in 2016 for not following through on a
promise to pursue a constitutional amend-ment that would have mandated quarterly pension payments to its members.
Sweeney then accused the NJEA of ex-tortion for threatening to withhold cam-paign contributions if the pension measure didn’t reach the November 2016 ballot and the union backed Sweeney’s Repub-lican opponent during his 2017 reelection campaign.
The deal brokered between Sweeney and Blistan would allow existing teachers who opt for one of two new, lower-cost plans to make healthcare contributions based on a percentage of their salaries instead of a share of their premiums under the 2011 health benefits reform law known as Chapter 78. Those who elect to stay in their existing healthcare plan would be required to pay higher premiums. New hires would have to elect one of the new plans.
“This has been the culmination of a very long process and it wasn’t easy, but the work we have done together is a major victory for both our members and all the other taxpayers in the state of New Jersey,” Blistan said. “It is another example of the kind of win-win solutions we can achieve when we come together determined to make progress.”
Fitch Ratings senior director Marcy Block said that many New Jersey school districts are grappling with fiscal pressures resulting from declines in state aid amid the state government confronting compet-ing priorities for items like pension funding and transportation spending.
Block said if the proposal becomes real-ity it could be a credit positive for school districts that get more budget flexibility from the health savings as well as the state because of facing less pressure to doll out increased public school dollars.
She added that the thawing of past strains between Sweeney and Blistan is also beneficial for New Jersey in terms of laying a foundation for possible future benefit savings.
“It is a real positive that the education association is working closely with the Senate president,” Block said. “It is a path they have not previously been able to go down.”
Past structurally imbalanced budgets coupled with a deep pension burden trig-gered 11 bond rating downgrades to New Jersey between 2011 and 2017. The Gar-den State’s general obligation debt is rated A3 by Moody’s Investors Service, A-minus by S&P, and A by Fitch Ratings and Kroll Bond Rating Agency. Only Illinois has lower GO ratings among the 50 U.S. states.
Sweeney previously pushed for more aggressive public-worker health insurance changes outlined in an August 2018 “Path to Progress” report that would have shifted employees from platinum-grade health-care plans under the Affordable Care Act to higher level gold-level plans. Assembly Speaker Craig Coughlin, D- Fords, pursued another healthcare savings plan last year backed by the NJEA that Sweeney opposed since it would have only produced around $300 million in taxpayer savings.
The NJEA proposal would need to be approved by the state Senate and Assembly before getting signed by Gov. Phil Murphy, a Democrat who was strongly supported by the teacher’s union during his 2017 gu-
bernatorial run. Murphy’s press secretary, Alyana Alfaro, did not indicate whether the governor would support Sweeney’s measure.
“Governor Murphy has long believed that good-faith negotiations with our work-force are the best strategy for reducing health care costs without sacrificing quali-ty,” Alfaro said in a statement. The Gover-nor looks forward to reviewing the propos-al put forward…and working together to finally give our educators the long-overdue Chapter 78 relief they deserve.”
Coughlin said in a statement he urged Sweeney and NJEA leadership to meet last year and has been focused on cutting healthcare costs that put the state “on a more fiscally responsible path” while also being fair to educators.
“While the Assembly will review this legislation as thoroughly as we review any other, I am confident that today marks yet another important step in my efforts to create long-term fiscal savings for New Jersey’s taxpayers,” Coughlin said.
Seton Hall University political science professor Matt Hale said he hopes the deal struck between Sweeney and Blistan bodes well for lawmakers partnering with other unions to craft savings to benefit the state and localities. He noted that Sweeney has recently demonstrated a willingness to soften his previous stances such as offering a compromise with Murphy on a million-aire’s tax he has fought in exchange for increased pension funding.
“I never thought I would see them in the same room let alone the same podium,” said Hale of Sweeney and Blistan’s an-nounced agreement. “This is an example of pragmatic politics.” q
By Andrew Coen
For more content about this region, visit the Regional News tab on BondBuyer.com.
COMMENTLet us know what you think about this story at BondBuyer.com
“The work we have done together is a major vic-tory for both our mem-bers and all the other
taxpayers in the state of New Jersey,” said NJEA
President Marie Blistan.
Connecticut A1/A/A+ 1.23 1.45 2.03 2.84 Delaware Aaa/AAA/AAA 1.11 1.20 1.61 2.32 Maine Aa2/AA/AA 1.12 1.24 1.68 2.44 Maryland Aaa/AAA/AAA 1.11 1.23 1.66 2.37 Massachusetts Aa1/AA/AA+ 1.16 1.28 1.77 2.57 New Hampshire Aa1/AA/AA+ 1.11 1.23 1.66 2.44 New Jersey A3/A–/A 1.26 1.59 2.14 2.92 New York Aa1/AA/AA 1.04 1.15 1.63 2.46 Pennsylvania Aa3/A+/AA– 1.22 1.36 1.96 2.72 Rhode Island Aa2/AA/AA 1.13 1.29 1.77 2.50 Vermont Aa1/AA+/AA+ 1.11 1.21 1.63 2.37 Dist. of Columbia Aaa/AA+/AA+ 1.13 1.29 1.76 2.54 Puerto Rico Caa3/CC/CC 22.56 10.20 8.26 6.97
State Ratings One-Year Five-Year 10-Year 30-Year
General ObliGatiOn Yield Curves fOr Mar. 12, 2020
Sources: Municipal Market Data, Moody’s Investors Service, Standard & Poor’s, Fitch Ratings
Connecticut 4 $30,935 2 $11,435 19,500Delaware 1 20,600 0 0 20,600Maine 1 2,150 1 48,600 –46,450Maryland 2 131,040 2 131,040 0Massachusetts 6 322,230 7 434,645 –112,415New Hampshire 0 0 0 0 0New Jersey 9 106,320 4 55,660 50,660New York 13 452,973 5 735,151 –282,178Pennsylvania 9 156,565 9 150,040 6,525Rhode Island 2 119,045 4 216,305 –97,260Vermont 0 0 0 0 0District of Columbia 0 0 0 0 0Puerto Rico 0 0 0 0 0Sources: Ipreo, The Bond Buyer
March 13, 2020 March 6, 2020State Issues Amount Issues Amount Chg in Amt
visible supplY bY state
Dollar amounts are in thousands
006_BB031620 6 3/13/2020 5:09:22 PM
www.bondbuyer.com 7Monday, March 16, 2020Competitive Sales Notices
$15,985,000*
CITY SCHOOL DISTRICT OF THE CITY OF LONG BEACHNASSAU COUNTY, NEW YORK
SCHOOL DISTRICT REFUNDING (SERIAL) BONDS, 2020 (FEDERALLY TAXABLE)
NOTICE OF BOND SALE
Proposals will be received and considered by the undersigned President of the Board of Education of the City School District of the City of Long Beach, Nassau County, New York, via iPreo’s Parity Electronic Bids Submission System (“Parity”) or by facsimile transmission at (516) 487-2575, at the offices of Capital Markets Advisors, LLC, 11 Grace Avenue, Suite 308, Great Neck, New York 11021, until 11:00 A.M., Prevailing Time, on the 26th day of March, 2020, at which time and place bids will be opened, for the purchase IN FEDERAL FUNDS at not less than par and accrued interest of
$15,985,000* School District Refunding (Serial) Bonds, 2020 (Federally Taxable) of said School District, dated April 16, 2020, and maturing in annual principal installments (subject to change as described herein) as follows: $270,000 on April 15 in each of the years 2021 and 2022, $2,555,000 on April 15, 2023, $2,560,000 on April 15, 2024, $2,565,000 on April 15, 2025, $2,575,000 on April 15, 2026, $2,590,000 on April 15, 2027, and $2,600,000 on April 15, 2028, with interest thereon payable semi-annually on April 15 and October 15, commencing October 15, 2020.
*The annual maturities of the bonds may be adjusted to the extent necessary to meet the refunding objective and for the purpose of attaining annual debt service that is substantially level or declining as provided in said Section 21.00(d) of the Local Finance Law. The bonds of each maturity, as adjusted, will bear interest at the same rate and must have the same initial reoffering yields as specified for that maturity by the successful bidder for the bonds. It is the intent of this provision to hold constant, on a per bond basis, the successful bidder’s underwriting spread. However, award will be made to the bidder whose bid produces the lowest true interest cost, calculated as specified herein, solely on the basis of the bonds offered, without taking into account any adjustment in the amount of bonds pursuant to this paragraph. Such adjustments will be made no later than 4:00 P.M. (local time) on the sale date following the opening of the bids. The successful bidder may neither withdraw nor modify its bid as a result of any such post-bid adjustment. Any such adjustment shall be conclusive, and shall be binding upon the successful bidder.
The bonds will initially be issued and will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”), which will act as securities depository for the bonds. Ownership interest in the bonds will be transferred pursuant to the “Book Entry Only System” of DTC, as described in the Official Statement prepared by the School District with respect to the bonds. Principal and interest on the bonds will be payable by check or draft mailed by the President of the Board of Education to DTC, or to its nominee, Cede & Co., as the registered owner of the bonds. Principal and interest will be payable in lawful money of the United States of America. Bonds will be fully registered and will be valid and legally binding general obligations of said School District, all the taxable real property within which will be subject to the levy of ad valorem taxes to pay said bonds and interest thereon, subject to applicable statutory limitations. The bonds may not be converted into coupon bonds or be registered to bearer.
Interest on the Bonds shall be calculated on a 30-day month and a 360-day year basis.The State Constitution requires the School District to pledge its faith and credit for the payment
of the principal of the bonds and the interest thereon and to make annual appropriations for the amounts required for the payment of such interest and the redemption of such bonds. The State Constitution also provides that if at any time the appropriating authorities fail to make the required appropriations for the annual debt service on the bonds and certain other obligations of the School District, a sufficient sum shall be set apart from the first revenues thereafter received and shall be applied for such purposes; also that the fiscal officer of the School District may be required to set apart and apply such revenues as aforesaid at the suit of any holder of such obligations.
Each bid must be for all of said $15,985,000* bonds and state a single rate of interest or different rates of interest for bonds maturing in different calendar years; provided, however, that (i) only one rate of interest may be bid for bonds of the same maturity, (ii) variations in rates of interest so bid may be in any order of maturity, and (iii) all rates of interest bid must be stated in a multiple of one-eighth or one hundredth of one per centum per annum.
Sealed proposals may be submitted electronically via iPreo’s Parity Electronic Bid Submission System (“Parity”) or via facsimile transmission at (516) 487-2575, in accordance with this Notice of Bond Sale, until the time specified herein. No other form of electronic bidding services nor telephone proposals will be accepted. No proposal will be accepted after the time for receiving proposals specified above. Bidders submitting proposals via facsimile must use the “Proposal for Bonds” form attached hereto. Once the proposals are communicated electronically via Parity or via facsimile to the School District, each bid will constitute an irrevocable offer to purchase the bonds pursuant to the terms therein provided.
Prospective bidders wishing to submit an electronic bid via Parity must be contracted customers of Parity. Prospective bidders who do not have a contract with Parity must call (212) 849-5021 to become a customer. By submitting an electronic bid for the bonds, a bidder represents and warrants to the School District that such bidder’s bid for the purchase of the bonds is submitted for and on behalf of such prospective bidder by an officer or agent who is duly authorized to bind the bidder to a legal, valid and enforceable contract for the purchase of the bonds.
Each prospective bidder who wishes to submit electronic bids shall be solely responsible to register to bid via Parity. Each qualified prospective bidder shall be solely responsible to make necessary arrangements to access Parity for purposes of submitting its bid in a timely manner and in compliance with the requirements of this Notice of Bond Sale. Neither the School District nor Parity shall have any duty or obligation to undertake such registration to bid for any prospective bidder
or to provide or assure such access to any qualified prospective bidder, and neither the School District nor Parity shall be responsible for a bidder’s failure to register to bid or for proper operation of, or have any liability for any delays or interruptions of, or any damages caused by Parity. The School District is using Parity as a communications mechanism, and not as the School District’s agent, to conduct the electronic bidding for the School District’s bonds. The School District is not bound by any advice or determination of Parity as to whether any bid complies with the terms of this Notice of Bond Sale. All costs and expenses incurred by prospective bidders in connection with their registration and submission of bids via Parity are the sole responsibility of the bidders, and the School District is not responsible, directly or indirectly, for any such costs or expenses. If a prospective bidder encounters any difficulty in registering to bid, or submitting or modifying a bid for the bonds, it should telephone Parity and notify the School District’s Municipal Advisor, Capital Markets Advisors, LLC at (516) 274-4502 (provided that the School District shall have no obligation to take any action whatsoever upon receipt of such notice).
If any provisions of this Notice of Bond Sale shall conflict with information provided by Parity, as approved provider of electronic bidding services, the provisions of this Notice of Bond Sale shall control. Further information about Parity, including any fee charged, may be obtained from Parity at (212) 849-5021. The time maintained by Parity shall constitute the official time with respect to all bids submitted.
The preliminary aggregate principal amount of the bonds and the preliminary annual principal payment on the bonds, each as set forth in this Notice of Bond Sale (the “Preliminary Aggregate Principal Amount” and the “Preliminary Principal Amount”, respectively; collectively, the “Preliminary Amounts”), may be revised before receipt of bids. Any such revision made prior to receipt of the bids (the “Revised Aggregate Principal Amount” and the “Revised Principal Amount”, respectively; collectively, the “Revised Amounts”) WILL BE PUBLISHED VIA THE TM3 NEWSWIRE NO LATER THAN 12:00 NOON (LOCAL TIME) ON THE LAST BUSINESS DAY PRIOR TO THE DATE OF SALE. In the event that no such revisions are made, the Preliminary Amounts will constitute the Revised Amounts. Bidders shall submit bids based on the Revised Amounts and the Revised Amounts will be used to compare bids and select a successful bidder. Unless all bids are rejected, the award will be made to the bidder complying with the terms of sale and offering to purchase said bonds at such rate or rates of interest as will produce the lowest interest cost computed in accordance with the true interest cost method of calculation, that being the rate of interest which compounded semiannually, is necessary to discount all principal and interest payments on the bonds to the purchase price (including accrued interest) bid for the bonds. The true interest cost computation shall be made as of the date of delivery of the bonds. The School District reserves the right, in its sole discretion, after selecting the low bidder, to adjust the final aggregate principal amount of the bonds and the aforestated maturity installments (the “Final Aggregate Principal Amount”, and the “Final Principal Amount”, respectively; collectively, the “Final Amounts”). In determining the Final Amounts, the School District reserves the right, in its sole discretion, but only to the extent necessary, to increase or decrease the Revised Amounts as necessary to effect the greatest economic advantage of the refunding, or to accommodate other refunding objectives of the School District, including substantially level or declining annual debt service. The successful bidder may not withdraw its bid or change the interest rates bid or the initial reoffering prices or yields as a result of any changes made to the Revised Amounts within these parameters. The dollar amount bid by the successful bidder will be adjusted to reflect any adjustments made to the Revised Amounts. SUCH ADJUSTED DOLLAR BID AMOUNT WILL NOT CHANGE THE BIDDER’S COMPENSATION PER $1,000.00 OF PAR AMOUNT OF BONDS (EXCLUDING ANY PRO RATA FEES FOR BOND INSURANCE) FROM THAT WHICH WOULD HAVE RESULTED FROM THE BID SUBMITTED. The interest rates specified by the successful bidder for each maturity will not change. Any such adjustment by the School District shall be conclusive and shall be binding upon the successful bidder. If two or more such bidders offer to purchase the bonds at the same true interest cost, computed as described above, the bonds will be awarded to the bidder whose bid offers to purchase the bonds at the highest premium dollar amount. The right is reserved to reject any or all bids, and any bid not complying with this Notice of Bond Sale, except as provided above, will be rejected. In addition, the School District reserves the right to reject any or all bids if requirements in connection with the funding of escrow for the refunded bonds cannot be met.
The winning bid will remain firm for a period of no less than five hours after the time specified for the opening of bids. An award of the bonds, if made, will be made by the School District within such five hour period, or, with the express consent of the winning bidder, such longer time period as deemed necessary. The Final Amounts will be communicated to the successful bidder no later than 4:00 p.m. (Local Time) on the date of sale. Any such award is subject to confirmation of present value savings and review thereof by the Office of the State Comptroller as set forth in the New York Local Finance Law.
A good faith deposit (the “Deposit”) in the form of a certified or cashier’s check or wire in the amount of $160,000 payable to the order of the City School District of the City of Long Beach, Nassau County, New York is required for each bid to be considered. If a check is used, it must accompany each bid. If a wire transfer is used, it must be sent to the account so designated by the School District for such purpose, not later than 10:00 A.M. on the date of the sale and the wire reference number must be provided on the “Proposal For Bonds” when the bid is submitted. Bidders must contact Capital Markets Advisors, LLC, 11 Grace Avenue, Suite 308, Great Neck, New York 11021 (Telephone: 516-274-4502), the School District’s municipal advisor, no later than 24 hours prior to the sale of the bonds to obtain the School District’s wire instructions. No interest will be allowed on the amount of the good faith deposit. Said bonds are issued pursuant to the Constitution and statutes of the State of New York, including, among others, the School District Law and the Local Finance Law, for the refunding of certain outstanding bonds issued in 2013 more fully set forth in the Official Statement furnished by the School District in relation to the bonds.
THE SCHOOL DISTRICT RESERVES THE RIGHT TO CHANGE THE TIME AND/OR DATE FOR THE OPENING OF BIDS. NOTICE OF ANY SUCH CHANGE SHALL BE PROVIDED NOT LESS THAN ONE HOUR PRIOR TO THE TIME SET FORTH ABOVE FOR THE OPENING OF
continued on next page
007_BB031620 7 3/13/2020 2:34:34 PM
The Bond Buyer8 Monday, March 16, 2020Competitive Sales Notices
BIDS BY MEANS OF A SUPPLEMENTAL NOTICE OF BOND SALE TO BE TRANSMITTED OVER THE TM3 NEWSWIRE.
If the bonds qualify for issuance of any policy of municipal bond insurance or commitment therefor at the option of a bidder, the purchase of any such insurance policy or the issuance of any such commitment therefor shall be at the sole option and expense of such bidder and any increased costs of issuance of the bonds resulting by reason of the same shall be paid by such bidder. Any failure of the bonds to be so insured or of any such policy of insurance to be issued, shall not constitute cause for a failure or refusal by the purchaser of the bonds to accept delivery of and pay for said bonds in accordance with the terms of the purchase contract.
The purchase price of the bonds, in accordance with the purchaser’s bid, shall be paid IN FEDERAL FUNDS or other funds available for immediate credit on the day of delivery, in an amount equal to the par amount of such bonds, plus the premium, if any, plus accrued interest from the date of such bonds until said day of delivery, less the amount of the good faith deposit submitted with the bid. The closing on said bonds will take place at the offices of Orrick, Herrington & Sutcliffe LLP, 51 West 52nd Street, 15th Floor, New York, New York, on or about April 16, 2020.
CUSIP identification numbers will be printed on said bonds if the purchaser provides Bond Counsel with such numbers by telefax or any other mode of written communication (verbal advice will not be accepted) by 3:00 o’clock P.M. on the date following the date of sale of the bonds, but neither the failure to print such number on any bond nor any error with respect thereto shall constitute cause for a failure or refusal by the purchaser thereof to accept delivery of and pay for said bonds in accordance with the terms of the purchase contract. All expenses in relation to the printing of CUSIP numbers on said bonds shall be paid for by the issuer; provided, however, that the CUSIP Service Bureau charge for the assignment of said numbers shall be the responsibility of and shall be paid for by the purchaser.
The bonds will be available for inspection by the purchaser at The Depository Trust Company, in Jersey City, New Jersey, not less than 24 hours prior to the time set for the delivery thereof. It shall be the responsibility of the purchaser to verify the CUSIP numbers at such time.
As a condition to the purchaser’s obligation to accept delivery of and pay for the bonds, the purchaser will be furnished, without cost, the following, dated as of the date of the delivery of and payment for the bonds: (i) a certificate of the President of the Board of Education certifying that (a) as of the date of the Official Statement furnished by the School District in relation to said bonds (which Official Statement is deemed by the School District to be final for purposes of Securities and Exchange Commission Rule 15c2 12, except for the omission therefrom of those items allowable under said Rule), said Official Statement did not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, subject to the condition that while information in said Official Statement obtained from sources other than the School District is not guaranteed as to accuracy, completeness or fairness, she has no reason to believe and does not believe that such information is materially inaccurate or misleading, and (b) to her knowledge, since the date of said Official Statement, there have been no material transactions not in the ordinary course of affairs entered into by the School District and no material adverse changes in the general affairs of the School District or in its financial condition as shown in said Official Statement other than as disclosed in or contemplated by said Official Statement; (ii) a Closing Certificate, constituting receipt for the bond proceeds and a signature certificate, which will include a statement that no litigation is pending or, to the knowledge of the signers, threatened affecting the bonds; (iii) a Continuing Disclosure Undertaking Certificate of the School District, executed by the President of the Board of Education stating that the School District has agreed, in accordance with the Rule, to provide or cause to be provided during any succeeding fiscal year in which the bonds are outstanding certain annual financial information, operating data, audited financial statements, and material events notification as further described in the Official Statement; and (iv) the approving legal opinion as to the validity of the bonds of Orrick, Herrington & Sutcliffe LLP, New York, New York, Bond Counsel. Reference should be made to said Official Statement for a description of the scope of Bond Counsel’s engagement in relation to the issuance of the bonds and the matters covered by such legal opinion. Furthermore, reference should be made to the information under the heading “Legal Matters” in the Official Statement.
The School District will not designate the bonds as “qualified tax exempt obligations” pursuant to Section 265(b)(3) of the Code. Interest on the bonds is not excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986, as amended.
Following the sale of the bonds, on the Sale Date, the successful bidder will be required to provide to the School District and its Bond Counsel certain information regarding the reoffering price to the public of each maturity of the bonds. The successful bidder also must submit to the School District a certificate (the “Reoffering Price Certificate”), satisfactory to Bond Counsel, dated as of the day of the delivery of the bonds, which assuming three bids are received from underwriters, states:
(a)(i) on the date of award, such successful bidder made a bona fide public offering of all bonds of all maturities at initial offering prices corresponding to the prices or yields indicated in the information furnished in connection with the successful bid, and (ii) as of such date, the first price or yield at which an amount equal to at least ten percent of each maturity of the bonds was reasonably expected to be sold to the public was, respectively, a price not higher or a yield not lower than indicated in the information furnished with the successful bid (the “first price rule”), and (iii) provides a copy of the pricing wire or equivalent communication for the bonds attached to the Reoffering Price Certificate. The public means any persons including an individual, trust, estate, partnership, association, company or corporation (other than the successful bidder or a related party to the successful bidder, being two or more persons who have greater than 50% common ownership directly or indirectly, or any person that agrees pursuant to a written contract or other agreement with the successful bidder to participate in the initial sale of the bonds to the public).
(b) the successful bidder was not given the opportunity to review other bids prior to submitting its bid.
(c) the bid submitted by the successful bidder constituted a firm offer to purchase the bonds.In the event that at least three bids are not received by the School District on the Sale Date, and
at least ten percent of each maturity of the bonds have been sold on the Sale Date, the successful bidder shall certify as to the first price or yield at which ten percent of each maturity was sold and provide a copy of the pricing wire or equivalent communication.
In addition, in the event that either (1) at least three bids are not received by the School District on the Sale Date, and (2) 10% of each maturity of the bonds have not been sold on the Sale Date (each an “Unsold Maturity”), the successful bidder (and any members of its underwriting group or syndicate) shall be required to hold the initial reoffering price to the public of each such Unsold Maturity (as reported to the School District on the Sale Date) for the lesser of five (5) business days after the Sale Date or the date on which at least 10% of each such Unsold Maturity are sold (the “Hold-the-Offering-Price Requirement”). A certification as to the details of compliance with this requirement shall be part of the Reoffering Price Certificate.
The School District or its Municipal Advisor on its behalf shall advise the successful bidder on the Sale Date as to whether at least three bids were received. Delivery of a bid shall constitute the bidder’s agreement to comply with the Hold-the-Offering-Price Requirement of this Notice of Bond Sale and to certify to compliance therewith under the circumstances described herein.
Such certificate shall state that it is made on the best knowledge, information and belief of the successful bidder after appropriate investigation.
Any party executing and delivering a bid for the bonds agrees, if its bid is accepted by the School District, to provide to the School District, in writing, within two business days after the date of such award, all information which said successful bidder determines is necessary for it to comply with SEC Rule 15c2 12, including all necessary pricing and sale information, information with respect to the purchase of municipal bond insurance, if any, and underwriter identification. Within five business days following receipt by the School District thereof the School District will furnish to the successful bidder, in reasonable quantities as requested by the successful bidder, copies of said Official Statement, updated as necessary, and supplemented to include said information. Failure by the successful bidder to provide such information will prevent the School District from furnishing such Official Statement as described above. The School District shall not be responsible or liable in any manner for the successful bidder’s determination of information necessary to comply with SEC Rule 15c2 12 or the accuracy of any such information provided by the successful bidder or for failure to furnish such Official Statements as described above which results from a failure by the successful bidder to provide the aforementioned information within the time specified. Acceptance by the successful bidder of such final Official Statements shall be conclusive evidence of the satisfactory completion of the obligations of said School District with respect to the preparation and delivery thereof.
The population of the School District is estimated to be 39,033. The Debt Statement to be filed, pursuant to Section 109.00 of the Local Finance Law in connection with the sale of the bonds herein described, prepared as of March 12, 2020, will show the average full valuation of real estate subject to taxation by the School District to be $6,602,600,594, its debt limit to be $330,130,030, and its total net indebtedness subject to the debt limit to be $54,115,000. The proceeds of such bonds will be used to retire outstanding bonds and will increase the net indebtedness of the School District by $15,985,000* (based on current proposed par of the refunding bonds). A detailed Official Statement will be furnished to any interested bidder upon request.
The School District will act as Paying Agent for the bonds. The School District’s contact information is as follows: Michael DeVito, Esq., Assistant Superintendent for Finance & Operations, City School District of the City of Long Beach, 235 Lido Boulevard, Long Beach, New York 11561, Phone: (516) 897,2090, Telefax: (516) 771-3942, Email: [email protected].
Copies of the Official Statement and Notice of Bond Sale are available at www.capmark.org.
Dated: Long Beach, New York, March 12, 2020.
/s/Maureen Vrona, Esq.
President, Board of Education
* Preliminary, subject to change as described herein.
To reach the widest audiencewithin the marketplace, advertise your competitive bond sales in The Bond Buyer. For rates and additional information about advertising a NOS, please call Kerry-Ann C. Parkes at 212-803-8436 or send an email to [email protected].
THE DAILY NEWSPAPER OF PUBLIC FINANCE
For rates and additional information about advertising a notice of competitive sale, please call Kerry-Ann C. Parkes at 212-803-8436 or send an email to [email protected].
continued from previous page
008_BB031620 8 3/13/2020 2:34:35 PM
www.bondbuyer.com 9Monday, March 16, 2020Notices of Defeasance
at least ten percent of each maturity of the bonds have been sold on the Sale Date, the successful bidder shall certify as to the first price or yield at which ten percent of each maturity was sold and provide a copy of the pricing wire or equivalent communication.
In addition, in the event that either (1) at least three bids are not received by the School District on the Sale Date, and (2) 10% of each maturity of the bonds have not been sold on the Sale Date (each an “Unsold Maturity”), the successful bidder (and any members of its underwriting group or syndicate) shall be required to hold the initial reoffering price to the public of each such Unsold Maturity (as reported to the School District on the Sale Date) for the lesser of five (5) business days after the Sale Date or the date on which at least 10% of each such Unsold Maturity are sold (the “Hold-the-Offering-Price Requirement”). A certification as to the details of compliance with this requirement shall be part of the Reoffering Price Certificate.
The School District or its Municipal Advisor on its behalf shall advise the successful bidder on the Sale Date as to whether at least three bids were received. Delivery of a bid shall constitute the bidder’s agreement to comply with the Hold-the-Offering-Price Requirement of this Notice of Bond Sale and to certify to compliance therewith under the circumstances described herein.
Such certificate shall state that it is made on the best knowledge, information and belief of the successful bidder after appropriate investigation.
Any party executing and delivering a bid for the bonds agrees, if its bid is accepted by the School District, to provide to the School District, in writing, within two business days after the date of such award, all information which said successful bidder determines is necessary for it to comply with SEC Rule 15c2 12, including all necessary pricing and sale information, information with respect to the purchase of municipal bond insurance, if any, and underwriter identification. Within five business days following receipt by the School District thereof the School District will furnish to the successful bidder, in reasonable quantities as requested by the successful bidder, copies of said Official Statement, updated as necessary, and supplemented to include said information. Failure by the successful bidder to provide such information will prevent the School District from furnishing such Official Statement as described above. The School District shall not be responsible or liable in any manner for the successful bidder’s determination of information necessary to comply with SEC Rule 15c2 12 or the accuracy of any such information provided by the successful bidder or for failure to furnish such Official Statements as described above which results from a failure by the successful bidder to provide the aforementioned information within the time specified. Acceptance by the successful bidder of such final Official Statements shall be conclusive evidence of the satisfactory completion of the obligations of said School District with respect to the preparation and delivery thereof.
The population of the School District is estimated to be 39,033. The Debt Statement to be filed, pursuant to Section 109.00 of the Local Finance Law in connection with the sale of the bonds herein described, prepared as of March 12, 2020, will show the average full valuation of real estate subject to taxation by the School District to be $6,602,600,594, its debt limit to be $330,130,030, and its total net indebtedness subject to the debt limit to be $54,115,000. The proceeds of such bonds will be used to retire outstanding bonds and will increase the net indebtedness of the School District by $15,985,000* (based on current proposed par of the refunding bonds). A detailed Official Statement will be furnished to any interested bidder upon request.
The School District will act as Paying Agent for the bonds. The School District’s contact information is as follows: Michael DeVito, Esq., Assistant Superintendent for Finance & Operations, City School District of the City of Long Beach, 235 Lido Boulevard, Long Beach, New York 11561, Phone: (516) 897,2090, Telefax: (516) 771-3942, Email: [email protected].
Copies of the Official Statement and Notice of Bond Sale are available at www.capmark.org.
Dated: Long Beach, New York, March 12, 2020.
/s/Maureen Vrona, Esq.
President, Board of Education
* Preliminary, subject to change as described herein.
NOTICE OF DEFEASANCEMAINE MUNICIPAL BOND BANK
2017 Series D Bonds Maturing on November 1, 2020, November 1, 2021 and November 1, 2022
NOTICE IS HEREBY GIVEN that MAINE MUNICIPAL BOND BANK (the “Bank”) has deposited with U.S. Bank National Association, as Trustee under its General Bond Resolution adopted on July 11, 1973, as supplemented by the First Supplemental Resolution adopted on September 20, 1977, the Second Supplemental Resolution adopted on July 18, 1984, the Third Supplemental Resolution adopted on May 7, 1993, the Fourth Supplemental Resolution adopted on June 25, 1993 and the Fifth Supplemental Resolution adopted on September 18, 2003 (collectively, the “Resolution”), investment securities permitted under Section 1401(2)(b) of the Resolution, the principal of and interest on which when due will provide moneys which will be available and sufficient to pay when due the principal of and interest on the 2017 Series D Bonds maturing on November 1, 2020, November 1, 2021 and November 1, 2022 as described below: Principal Refunded Unrefunded Maturity Interest Original Amount Portion Portion Date Rate CUSIP # Refunded CUSIP # CUSIP # 11/1/2020 4.00% 56045RZG7 $375,000 56045RP37 56045RQ44 11/1/2021 5.00% 56045RZH5 $375,000 56045RP45 56045RQ51 11/1/2022 5.00% 56045RZJ1 $375,000 56045RP52 56045RQ69
All of such Bonds are deemed to have been paid in accordance with Section 1401 of the Resolution upon which moneys are to be available for the payment of the principal and accrued interest of the above Bonds being defeased is set forth above.
U.S. BANK NATIONAL ASSOCIATION, as trustee Corporate Trust Department
DATED: February 28, 2020 One Federal StreetPublish Date: March 16, 2020 Boston, Massachusetts
* The Bank and the Trustee shall not be responsible for the selection or use of the CUSIP numbers, nor is any representation made as to their correctness indicated in the notice or as printed on any bond. They are included solely for the convenience of the holders. Any error in a CUSIP number as printed on a bond or as contained in this notice shall not affect the validity of the proceedings for redemption or defeasance
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Fiduciary Communications Company,One State Street Plaza, 25th Floor, New York, NY 10004Phone Nos.: 212-803-8620/8628, Fax: 212-803-8667
Directory: Notices
Filename: 630342Date: 03/11/2020Time: 11:10Initials: zsARCH : 627753
NOTICE OF DEFEASANCEMAINE MUNICIPAL BOND BANK
2012 Series F Bonds Maturing on November 1 of the years 2020 through and including 2025
NOTICE IS HEREBY GIVEN that MAINE MUNICIPAL BOND BANK (the “Bank”) has deposited with U.S. Bank National Association, as Trustee under its General Bond Resolution adopted on July 11, 1973, as supplemented by the First Supplemental Resolution adopted on September 20, 1977, the Second Supplemental Resolution adopted on July 18, 1984, the Third Supplemental Resolution adopted on May 7, 1993, the Fourth Supplemental Resolution adopted on June 25, 1993 and the Fifth Supplemental Resolution adopted on September 18, 2003 (collectively, the “Resolution”), investment securities permitted under Section 1401(2)(b) of the Resolution, the principal of and interest on which when due will provide moneys which will be available and sufficient to pay when due the principal of, any Redemption Price and interest on the 2012 Series F Bonds maturing on November 1 of the years 2020 through and including 2025 as described below:
Principal Refunded Unrefunded Maturity Original Amount Redemption Redemption Portion Portion Interest Date CUSIP # Refunded Date Price CUSIP # CUSIP # Rate 11/1/2020 56045RJS9 $30,000 NA NA 56045RN54 56045RP60 5.00% 11/1/2021 56045RJT7 $30,000 NA NA 56045RN62 56045RP78 5.00% 11/1/2022 56045RJU4 $30,000 NA NA 56045RN70 56045RP86 5.00% 11/1/2023 56045RJV2 $30,000 11/1/2022 100% 56045RN88 56045RP94 5.00% 11/1/2024 56045RJW0 $30,000 11/1/2022 100% 56045RN96 56045RQ28 2.25% 11/1/2025 56045RJX8 $30,000 11/1/2022 100% 56045RP29 56045RQ36 4.00%
All of such Bonds are deemed to have been paid in accordance with Section 1401 of the Resolution, and the redemption date, if applicable, upon which moneys are to be available for the payment of the Redemption Price of the above Bonds being defeased and redeemed is set forth above.
Notice of the redemption of the Bonds herein referred to will be given by publication and by mailing, where applicable, at the times and in the manner provided in the Resolution.
U.S. BANK NATIONAL ASSOCIATION, as trustee
Corporate Trust DepartmentDATED: February 28, 2020 One Federal StreetPublish Date: March 16, 2020 Boston, Massachusetts
* The Bank and the Trustee shall not be responsible for the selection or use of the CUSIP numbers, nor is any representation made as to their correctness indicated in the notice or as printed on any bond. They are included solely for the convenience of the holders. Any error in a CUSIP number as printed on a bond or as contained in this notice shall not affect the validity of the proceedings for redemption or defeasancee.
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Fiduciary Communications Company,One State Street Plaza, 25th Floor, New York, NY 10004Phone Nos.: 212-803-8620/8628, Fax: 212-803-8667
Directory: Notices
Filename: 630348Date: 03/11/2020Time: 11:30Initials: zsARCH : 627753
GIVE NOTICE buyers want to know
Advertise your competitive sales in The Bond Buyer.For more information, contact or Kerry-Ann C. Parkes at 212-803-8436 or at [email protected]
Reach your target audiencePlace your redemption advertising in
For more info e-mail [email protected]
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please contact:
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009_BB031620 9 3/13/2020 2:34:37 PM
The Bond Buyer10 Monday, March 16, 2020
For more information, contact:
John Hester (212) 849-5125
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Full service electronic document delivery and tracking system
www.i-dealprospectus.com
I-Deal Prospectus
Electronic Official Statements Negotiated
Brushy Creek MUD, TX Sendero Springs & Cornerstone Defined Area Unltd Tax Ref Bonds Srs 2020
Brushy Creek MUD, TX Unlimited Tax Refunding Bonds, Series 2020
Tomball ISD, TX Unlimited Tax School Building Bonds, Srs 2020
Denton County FWSD No. 8-B, TX Unltd Tax Road Refunding Bonds, Series 2020
Aledo ISD, TX Unlimited Tax School Building Bonds, Srs 2020
Montgomery County MUD No. 39, TX, Unlimited Tax Refunding Bonds, Series 2020
New York (City of), NY GO Bonds, Fiscal 2020 Series 1***Supplement dated March 3, 2020 to the
Preliminary Reoffering Circular, dated February 24, 2020 has been added.***
Silver CSD No. 1, NM GO School Building Bonds, Series 2020
Lakeside WC&ID No. 1, TX Unlimited Tax Refunding Bonds, Srs 2020
Lakeside WC&ID No. 2-B, TX Unlimited Tax Refunding Bonds, Srs 2020
Goodyear (City of), AZ GO Refunding Bonds, Series 2020
Goodyear (City of), AZ Subordinate Lien Water & Sewer Revenue Obligations 2020
Midlothian ISD, TX Unlimited Tax School Building Bonds, Srs 2020
Van Alstyne EDC TX, Sales Tax Revenue Bonds, Taxable New Series 2020**THE POS HAS BEEN REVISED**
Northampton MUD, TX Unlimited Tax Refunding Bonds, Series 2020
New York (City of), NY GO Bonds, Fiscal 2020 Series 1
Van Alstyne EDC TX, Sales Tax Revenue Bonds, Taxable New Series 2020
Socorro ISD, TX Unlimited Tax School Building Bonds, Series 2020
Tennessee HDA, TN Residential Finance Program Bonds, Issue 2020-1A&IB
Cumberland (County of), ME 2020 GO Refunding Bonds (Taxable)
Kaufman County, TX Unlimited Tax Road Bonds, Series 2020
Kaufman County, TX Limited Tax Bonds, Series 2020A
Red River (Parish of) Parishwide SD No. 1, LA GO School Bonds, Series 2020
***S&P RATING REPORTS HAVE BEEN ADDED***
Red River (Parish of) Parishwide SD No. 1, LA GO School Bonds, Series 2020
Horseshoe Bay (City of), TX General Refunding Bonds, Series 2020
Cleveland ISD, TX Unlimited Tax School Building Bonds, Series 2020A
El Paso ISD, TX Variable Rate Maintenance Tax Notes, Series 2020
Mount Pleasant (City of), TX GO Refunding Bonds, Series 2020
Caddo Parish (Parishwide SD of), LA GO School Bonds, Series 2020**THE S&P RATING HAS BEEN ADDED**
St. Mary (Parish of), LA Taxable Pub Imprv Sales Tax & Ref Bonds, Series 2020A
***THE S&P RATING HAS BEEN ADDED***
Manor ISD, TX Unltd Tax School Bldg Bonds, Series 2020
St. Mary (Parish of), LA Taxable Pub Imprv Sales Tax & Ref Bonds, Series 2020A
Galveston County WC&ID No. 8, TX Unltd Tax Ref Bonds, Series 2020
Caddo Parish (Parishwide SD of), LA GO School Bonds, Series 2020
Waller ISD, TX Unlimted Tax School Building Bonds, Series 2020
***The Preliminary Official Statement has been revised
I-Deal Prospectus
Electronic Official Statements Competitive
3/23-Milwaukee Metropolitan Sewerage District, WI GO Sewerage System Bonds, Srs 2020A
3/12-Edison (Township of), NJ BANs 2020
3/16-Elizabethton (City of), TN GO School & Improvement Bds, Series 2020
**POS SUPPLEMENT HAS BEEN ADDED**
3/16-Grand Mission MUD No. 2, TX Unlimited Tax Bonds, Series 2020
3/17-The Lakes FWSD of Denton County, TX Unlimited Tax Bonds, Series 2020
3/18-Bar Harbor (Town of), ME 2020 GO Refunding Bonds
3/12-Massachusetts (Commonwealth of ), MA GO Consld Loan of 2020 & GO Ref Bonds 2020 Srs A
**SUPPLEMENT FOR THE POS & NOS DATED MARCH 11, 2020 HAS BEEN ADDED**
3/18-Englewood (City of), NJ Bergen County General Obligation Notes
3/19-Parishes of Jefferson Davis and Allen, LA SD NO.22 GO Sch Bds Series 2020
3/24-Council Bluffs Comunity School District, IA GO School Bonds, Series 2020
3/25-Darrouzett ISD, TX Unlimited Tax School Building Bonds, Srs 2020
3/17-Kansas DFA, KS Revenue Bonds, Srs 2020C (Fort Hays State University Project)
3/18-Neenah (City of), WI GO Promissory Notes (2020)
3/19-Elizabeth (City of), NJ GO Bonds & GO BANs, Series 2020
3/19-Parishes of Jefferson Davis and Allen, LA SD NO.22 GO Sch Bds Series 2020
**S&P RATINGS LETTER HAS BEEN ADDED**
3/19-Fort Bend County MUD No. 152, TX Unlimited Tax Bonds, Series 2020
3/24-Sonterra MUD, TX Unlimited Tax & Revenue Bonds, Srs 2020
3/24-Oakland County BA, MI Bldg Auth & Bldg Auth Ref Bonds, Srs 2020A&Srs 2020B(LT GO)
BiDCOMP®/Parity®
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3/16 - Seis Lagos Utility District (TX), TX
3/16 - Village of Shorewood (WI), WI
3/16 - Village of Shorewood (WI), WI
3/16 - City of Beloit (WI), WI
3/16 - City of Beloit (WI), WI
3/16 - Independent School District No. 22 (Detroit Lakes), MN
3/16 - City of Beloit (WI), WI
3/16 - City of Manawa, WI
3/16 - Independent School District No. 100 (Wrenshall), MN
3/16 - East Ramapo Central School District, NY
3/16 - City of Menomonie, WI
3/16 - City of Dayton (TX), TX
3/16 - City of Alpharetta, GA
3/16 - City of Elizabethton, TN
3/16 - Corning Community School District, IA
3/17 - City of Superior (WI), WI
3/17 - County of Washburn, WI
3/17 - City of Hannibal, MO
3/17 - City of Mahtomedi, MN
3/17 - City of Rockwood (MI), MI
3/17 - Pelham Union Free School District, NY
3/17 - Town of North Hempstead, NY
3/17 - Washington Local School District (OH), OH
3/19 - City of Salem (OR), OR
3/19 - City of West Concord, MN
3/23 - City of Mankato (MN), MN
Price matters—get the best yield
Advertise your competitive sales in The Bond Buyer.For more information, contact or Kerry-Ann C. Parkes at 212-803-8436 or at [email protected]
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010_BB031620 10 3/13/2020 2:34:40 PM
11www.bondbuyer.comMonday, March 16, 2020 New Issues
Monday, March 16 Corning Comm SD IA GO Sch Ref *3,260 1:30 pm C Piper Sandler Ahlers & Cooney 21-30 --- --- A --- --- BQ 6-Mar Buffalo Grove Vlg IL GO *24,000 11 am C Speer Financial Chapman and Cutler 21-35 --- --- --- --- --- --- 5-Mar Detroit Lakes ISD #22 MN GO *3,770 10:30 am C Ehlers Kennedy & Graven 24-35 --- --- --- --- --- BQ 13-Feb Wrenshall ISD #100 MN GO *8,995 11 am C Ehlers Knutson Flynn 21-40 --- --- --- --- --- BQ 18-Feb DeSoto County MS GO Pub Imp 21,000 11:30 am C Govt Consultants Butler Snow 21-40 --- --- --- --- --- --- 6-Mar
P E Ramapo Ctrl SD NY Sch Dist *32,282 11 am E Capital Markets Adv Hawkins Delafield 21-47 --- --- --- --- --- --- 9-Mar Elizabethton TN GO Sch *4,250 11:15 am E Raymond James Glankler Brown 21-40 --- --- --- --- --- BQ 9-Mar Dayton TX Certs of Oblig *13,795 11 am C SAMCO Cap Mkts Norton Rose 22-40 --- --- --- --- --- --- 6-Mar Grand Mission MUD #2 TX Unltd Tax 6,620 10 am C Rathmann & Assoc Coats Rose 22-50 --- --- --- --- --- BQ 21-Feb Menomonie WI GO Prom (Tax) *2,330 11 am C Ehlers Fryberger Buchanan 22-30 --- --- --- --- --- --- 18-Feb Shorewood Vlg WI GO Ref (Tax) *835 10 am C Baker Tilly MA Quarles & Brady 21-25 --- --- --- --- --- --- 24-Feb Shorewood Vlg WI GO Ref *3,590 10 am C Baker Tilly MA Quarles & Brady 21-26 --- --- --- --- --- BQ 24-Feb
Tuesday, March 17 Berkeley CA GO Ref *7,605 9 am P NHA Advisors Jones Hall 20-39 --- --- --- --- --- --- 28-Feb Berkeley CA GO (Tax) *38,000 8:30 am P NHA Advisors Jones Hall 20-50 --- --- --- --- --- --- 28-Feb
P Newtown (Town) CT GO 11,500 11:30 am E Phoenix Advisors Robinson & Cole 21-40 --- --- AAA --- --- --- 10-Mar Wood Dale IL GO *9,250 10:30 am C Speer Financial Ice Miller 20-39 --- --- AA+ --- --- --- 6-Mar Kentucky Bond Corp KY Rev *7,320 11 am E Ross Sinclaire Dinsmore & Shohl 21-44 --- --- AA- --- --- --- 11-Mar Harford County MD Pub Imp *40,000 10:30 am E Davenport Miles & Stockbridge 20-39 --- Aaa AAA AAA --- --- 5-Mar Harford County MD Ref *91,040 10:45 am E Davenport Miles & Stockbridge 21-30 --- Aaa AAA AAA --- --- 5-Mar Rockwood MI Unltd Tax GO *2,000 11 am E PFM Fin Advisors Miller Canfield 23-39 --- --- A+ --- --- BQ 6-Mar Mahtomedi MN GO Imp *10,000 10:30 am C Ehlers Kennedy & Graven 22-36 --- --- --- --- --- BQ 13-Feb
P Hannibal MO Swr Sys Rev Ref *4,770 10 am C WM Fin Strategies Gilmore & Bell 21-32 AGM --- AA --- --- BQ 5-Mar Greenwich Twp NJ GO Ref 9,500 11 am E Phoenix Advisors Parker McCay 21-35 --- --- AA- --- --- --- 10-Mar
Woodstown Boro NJ GO 3,425 10:45 am E Acacia Fin Group Parker McCay 21-35 --- --- --- --- --- BQ 10-Mar Albany NY GO 18,849 11 am E Fiscal Adv & Mkt Roemer Wallens 21-30 --- --- --- --- --- --- 10-Mar Coxsackie (Town) NY GO Pub Imp *3,100 10:30 am E Fiscal Adv & Mkt Orrick Herrington 21-35 --- --- --- --- --- BQ 11-Mar Goshen Vlg NY Pub Imp Ref *5,200 11 am E Munistat Services Hawkins Delafield 21-31 --- --- --- --- --- BQ 9-Mar
P North Hempstead (Town) NY Pub Imp *21,405 11 am E Capital Markets Adv Hawkins Delafield 21-40 --- --- --- --- --- --- 11-Mar Ontario (Town) NY Pub Imp *650 11:15 am E Bernard P. Donegan Timothy R. McGill 20-24 --- --- --- --- --- BQ 10-Mar Washington LSD OH Sch *40,300 11 am E Sudsina & Assoc Bricker & Eckler 20-56 --- A1 --- --- --- --- 11-Mar Lakes Fresh Wtr Supply Dt TX Unltd Tax 6,655 1 pm C Robert W. Baird Coats Rose 22-45 --- --- --- --- --- --- 4-Mar Sugar Land TX Wtrwks & Swr Sys *7,165 11:15 am C Hilltop Securities Hunton Andrews 20-39 --- --- AA AA --- BQ 4-Mar Sweeny ISD TX Unltd Tax *8,800 10 am C USCA Municipal Orrick Herrington 22-45 PSF --- --- --- --- BQ 12-Mar Butler Vlg WI GO Corp Purp *1,470 9:30 am C Ehlers Quarles & Brady 21-40 --- --- --- --- --- BQ 4-Mar Greenfield WI GO Corp Purp *4,940 10:30 am C Ehlers Griggs Law Office 21-35 --- --- --- --- --- BQ 10-Mar Superior WI GO Corp Purp *3,835 10 am C Ehlers Fryberger Buchanan 24-40 --- --- --- --- --- BQ 26-Feb Washburn County WI GO Bldg *6,215 10 am C PFM Fin Advisors Quarles & Brady 21-30 --- Aa2 --- --- --- BQ 6-Mar Wisconsin Rapids WI Note Antic (Tax) *2,035 11 am C Ehlers Quarles & Brady 22 --- --- --- --- --- --- 4-Mar Wisconsin Rapids WI GO Corp Purp *3,640 11 am C Ehlers Quarles & Brady 21-40 --- --- --- --- --- BQ 4-Mar
Wednesday, March 18 Fountain Lake SD #18 AR Ref *10,280 11 am C First Sec Beardsley Friday Eldredge 21-36 --- Aa2 --- --- --- --- 12-Mar
P New Fairfield (Town) CT GO 8,000 11:30 am E Phoenix Advisors Robinson & Cole 21-40 --- --- AAA --- --- BQ 12-Mar Elgin IL GO Corp Purp *9,645 10:15 am C Speer Financial Chapman and Cutler 21-34 --- --- --- --- --- --- 11-Mar Owensboro ISD Fin Corp KY Energy *13,415 1 pm E Ross Sinclaire Steptoe & Johnson 21-40 --- --- --- --- --- --- 11-Mar Pike Co SD Fin Corp KY Sch Bldg Ref Rev *1,050 11 am E Ross Sinclaire Steptoe & Johnson 20-29 --- --- --- --- --- BQ 11-Mar Bar Harbor (Town) ME GO Ref 2,150 11 am E Moors & Cabot Bernstein Shur 21-30 --- --- --- --- --- BQ 12-Mar Aurora (Town) NY Pub Imp *8,895 11:30 am E Municipal Solutions Hodgson Russ 21-44 --- --- --- --- --- BQ 11-Mar
Amount Time of Bank- Latest Issuer St Description ($000s) Sale Financial Adviser Legal Opinion Maturing Insurer Mdy’s S&P Fitch KBRA Qual. Details
Competitive Bond Offerings *Preliminary and subject to change. SHADED LISTINGS ARE NEW.
Compiled by IHS Markit
A letter “P” signifies that a link to the POS is on the Bond Buyer Online's Competitive Bond Offering Calendar.
This monitor signifies the Notice of Sale is available on www.bondbuyer.comTo Report or Obtain Information
Competitive / Negotiated Offerings
Joycelyn Gumbs 212-849-3870
Priya Khandai 646-679-3128
Competitive / Negotiated Sales Results
Ruth-Ann Medina 212-849-3873
Anthony Andino 212-849-3868A “+” under Insurer in the Negotiated Bond Offerings and Negotiated Note Offerings signifies that insurance is available.
Email: [email protected]
011_BB031620 11 3/13/2020 5:04:07 PM
12 The Bond BuyerMonday, March 16, 2020New Issues
P Newburgh NY Pub Imp *15,749 11 am E Capital Markets Adv Harris Beach 22-33 --- --- --- --- --- --- 12-Mar Oconee Co SD SC GO *15,750 11 am E Compass Muni Adv Burr Forman McNair 21-28 --- Aa2 --- --- --- --- 12-Mar Neenah WI GO Prom 9,895 10 am C Baird Quarles & Brady 21-30 --- --- AA --- --- --- 28-Feb
Thursday, March 19 Graves Co SD Fin Corp KY Sch Bldg *2,290 11 am E Baird Steptoe & Johnson 21-40 --- A1 --- --- --- BQ 12-Mar Shelbyville KY GO *4,685 1 pm E Ross Sinclaire Dinsmore & Shohl 21-45 --- Aa3 --- --- --- BQ 13-Mar Jefferson Davis Par SD #22 LA GO Sch 4,000 3 pm C Raymond James Foley & Judell 22-40 --- --- A --- --- BQ 5-Mar Essex (Town) MA GO *12,500 11 am E UniBank Fiscal Adv Locke Lord 21-50 --- --- --- --- --- --- 11-Mar Webster (Town) MA GO *4,200 11 am E Hilltop Securities Locke Lord 21-27 --- Aa2 --- --- --- BQ 12-Mar West Concord MN GO Imp *1,285 10:30 am C Ehlers Kennedy & Graven 22-36 --- --- --- --- --- BQ 28-Feb
P Bloomfield Twp NJ GO *17,730 11 am E NW Financial Group Wilentz Goldman 21-45 --- --- --- --- --- --- Today Elizabeth NJ GO *18,000 11:30 am E NW Financial Group DeCotiis FitzPatrick 21-35 --- --- --- --- --- --- 12-Mar Schenectady County NY Var Purp *9,015 11 am E Munistat Services Hodgson Russ 21-29 --- --- --- --- --- --- 13-Mar Salem OR Wtr & Swr Rev *60,000 9:30 am P Piper Sandler Hawkins Delafield 21-40 --- Aa2 --- --- --- --- 10-Mar Haverford Twp PA GO *8,780 11:15 am E PFM Fin Advisors Reed Smith 20-44 --- --- --- --- --- BQ Today Crowley TX Certs of Oblig *3,000 12 pm C SAMCO Cap Mkts Norton Rose 21-40 --- --- --- --- --- BQ Today Fort Bend Co MUD #152 TX Unltd Tax 6,230 10 am C Rathmann & Assoc Smith Murdaugh 22-44 --- --- --- --- --- BQ 6-Mar Horicon WI Wtr Sys Rev Ref *1,165 10 am C Ehlers Quarles & Brady 21-29 --- --- --- --- --- BQ 4-Mar
Monday, March 23 Atwater ISD #2396 MN GO 4,165 10 am C Ehlers Dorsey & Whitney 21-40 --- --- --- --- --- BQ 25-Feb Chisago Lakes ISD #2144 MN GO 1,300 10:30 am C Ehlers Dorsey & Whitney 22-31 --- --- --- --- --- BQ 27-Feb Mankato MN GO Imp *5,860 10 am C Baker Tilly MA Taft Stettinius 22-31 --- --- --- --- --- BQ 3-Mar Dallas Co R-I SD MO COPs 12,605 10:30 am C Sentry Fin Svcs Gilmore & Bell 21-45 --- --- --- --- --- --- 13-Mar Tulsa Co ISD #2 OK Comb Purp (Tax) 4,435 11:45 am C Stephen H. McDonald State Atty General 22-25 --- --- --- --- --- --- 11-Mar Denton Co Fresh Wtr Supp Dt #11A TX Unltd Tax 7,000 9:30 am C Specialized Pub Fin State Atty General 20-40 --- --- --- --- --- BQ 4-Mar Milwaukee Metro Swrg Dt WI GO Swr 80,000 9 am C Baird Foley & Lardner 21-40 --- Aa1 AA+ AAA --- --- 27-Feb
Tuesday, March 24 Paonia (Town) CO Wtr & Swr Rev Ref *1,665 11 am C AMKO Advisors Dorsey & Whitney 21-44 --- --- --- --- --- BQ Today Council Bluffs Comm SD IA GO Sch *9,500 12 pm C Piper Sandler Ahlers & Cooney 22-27 --- --- --- --- --- --- 13-Mar Wilmette SD #39 IL Limited Oblig *10,250 10 am C Raymond James --- --- --- --- --- --- --- --- 10-Mar Kansas Dev Fin Auth KS Rev *9,925 9:30 am C Columbia Cap Mgmt Gilmore & Bell 21-39 --- --- --- --- --- --- 13-Mar Oakland Co Bldg Auth MI Bldg Auth 36,425 11 am E Baird Miller Canfield 20-36 --- --- --- --- --- --- 11-Mar Fanwood Borough NJ GO 4,350 11 am E NW Financial Group Gibbons P.C. 21-35 --- --- --- --- --- BQ 12-Mar
Oldmans Twp BOE NJ Sch 2,254 11 am E Phoenix Advisors McManimon Scotland 21-40 --- --- --- --- --- BQ 13-Mar Canadian Co ISD #22 OK Comb Purp (Tax) 9,010 12 pm C Stephen L. Smith Phillips Murrah 22 --- --- --- --- --- --- 11-Mar Lincoln Co ISD #4 OK Comb Purp 860 12:45 pm C Stephen H. McDonald State Atty General 22-25 --- --- --- --- --- BQ 11-Mar Major Co ISD #84 OK Comb Purp 1,300 12 pm C Stephen L. Smith Phillips Murrah 22-24 --- --- --- --- --- BQ 10-Mar Pawnee Co ESD #2 OK Bldg 180 11:45 am C Stephen H. McDonald State Atty General 22-23 --- --- --- --- --- BQ 11-Mar Bend OR GO *53,160 8:30 am P PFM Fin Advisors Orrick Herrington 21-50 --- --- --- --- --- --- Today Harris Co MUD #217 TX Unltd Tax 2,450 10 am C GMS Group State Atty General --- --- --- --- --- --- BQ 11-Mar Kendall Co Wtr Ctrl & Imp Dt #2A TX Unltd Tax 1,830 12 pm C Baird State Atty General --- --- --- --- --- --- BQ 11-Mar Sonterra MUD TX Tax & Rev 14,450 9 am C Specialized Pub Fin McCall Parkhurst 21-44 --- --- --- --- --- --- 28-Feb Milwaukee Area Tech Coll WI GO Prom 1,500 9:30 am C Baird Michael Best 21-24 --- --- --- --- --- --- 12-Mar
Wednesday, March 25 Janesville Cons SD IA Sch *1,270 11:30 am C Speer Financial Ahlers & Cooney 21-28 --- --- --- --- --- BQ 12-Mar
Millburn Twp BOE NJ Sch 20,500 11:15 am E Phoenix Advisors McManimon Scotland 21-35 --- --- --- --- --- --- 13-Mar Phelps (Town) NY GO Pub Imp 1,728 11 am E Bernard P. Donegan Timothy R. McGill 20-56 --- --- --- --- --- BQ 12-Mar Pittsburg Co ISD #17 OK Bldg 310 12 pm C Stephen L. Smith Phillips Murrah 22-25 --- --- --- --- --- BQ 13-Mar Tulsa Co ISD #14 OK Comb Purp 1,100 11:45 am C Stephen H. McDonald State Atty General 22-25 --- --- --- --- --- BQ 12-Mar Trenton Spec SD TN Sch *21,000 9:15 am C Cumberland Secs Bass Berry 21-45 --- --- --- --- --- --- 13-Mar Darrouzett ISD TX Sch Bldg *2,000 11 am C D.A. Davidson Bracewell LLP 21-27 --- --- --- --- --- BQ 13-Mar Siena MUD #1 TX Unltd Tax 6,495 9:30 am C Public Fin Group State Atty General --- --- --- --- --- --- BQ 9-Mar Siena MUD #2 TX Unltd Tax 5,500 10:30 am C Public Fin Group State Atty General --- --- --- --- --- --- BQ 9-Mar
Thursday, March 26 Brown Co Schs IN GO 3,670 11 am E Baker Tilly MA Ice Miller --- --- --- --- --- --- BQ 27-Feb Frontier Sch Bldg Corp IN First Mtg 5,350 11 am E Baker Tilly MA Ice Miller --- --- --- --- --- --- BQ 26-Feb
Amount Time of Bank- Latest Issuer St Description ($000s) Sale Financial Adviser Legal Opinion Maturing Insurer Mdy’s S&P Fitch KBRA Qual. Details
Competitive Bond Offerings *Preliminary and subject to change. SHADED LISTINGS ARE NEW.
Compiled by IHS Markit
012_BB031620 12 3/13/2020 5:04:08 PM
13www.bondbuyer.comMonday, March 16, 2020 New Issues
Kechi KS GO Temp *835 10 am C Piper Sandler Triplett Woolf 22 --- --- --- --- --- BQ 13-Mar Readington Twp NJ Gen Imp *6,121 11 am E --- McManimon Scotland 21-41 --- --- --- --- --- --- 10-Mar
P Long Beach CSD NY Sch Bldg Ref (Tax) *15,985 11 am E Capital Markets Adv Orrick Herrington 21-28 --- --- --- --- --- --- Today Osage Co ISD #30 OK Bldg 450 11:45 am C Stephen H. McDonald State Atty General 22-30 --- --- --- --- --- BQ 13-Mar Comal Co Wtr Ctrl & Imp Dt #6 TX Unltd Tax Road 5,000 10 am C Post Oak Muni Advs State Atty General --- --- --- --- --- --- BQ 12-Mar Horizon Reg MUD TX Unltd Tax 11,110 11 am C Blitch Associates State Atty General --- --- --- --- --- --- --- 12-Mar Kaufman Co MUD #6 TX Unltd Tax Road 3,335 10:30 am C Baird State Atty General --- --- --- --- --- --- BQ 12-Mar
Friday, March 27 Okmulgee Co ISD #4 OK Bldg 675 12 pm C Stephen L. Smith Phillips McFall 22-25 --- --- --- --- --- BQ Today Comal Co Wtr Imp Dt #1A TX Unltd Tax Road 3,150 10:30 am C Masterson Advisors State Atty General 21-45 --- --- --- --- --- BQ 12-Mar
Monday, March 30 Anoka-Hennepin ISD #11 MN GO Sch Bldg *94,565 10 am C Baker Tilly MA Knutson Flynn 21-45 --- --- --- --- --- --- 3-Mar
Tuesday, March 31 Roseville ISD #623 MN GO 8,185 11 am C Ehlers Kennedy & Graven 21-40 --- --- --- --- --- BQ 27-Feb Leander TODD MUD #1 TX Unltd Tax 3,200 9 am C Specialized Pub Fin State Atty General 22-45 --- --- --- --- --- BQ 10-Mar
Wednesday, April 1 Iowa BOR IA Rev Ref (Tax) *15,375 10 am C Baker Tilly MA --- 21-36 --- --- --- --- --- --- 9-Mar Iowa BOR IA Rev Ref *17,545 10 am C Baker Tilly MA --- 21-36 --- --- --- --- --- --- 9-Mar Iowa BOR IA Ref Rev *18,250 10:30 am C Baker Tilly MA --- 21-28 --- --- --- --- --- --- 9-Mar Memphis TN Gen Imp 214,660 10 am C PFM Fin Advisors --- --- --- --- --- --- --- --- 12-Mar
Thursday, April 2 Forest Lake ISD #831 MN GO 10,235 9:30 am C Ehlers Dorsey & Whitney 22-35 --- --- --- --- --- --- 20-Feb
Monday, April 6 Buffalo MN GO 6,195 10:30 am C Ehlers Taft Stettinius 21-40 --- --- --- --- --- BQ 5-Mar Galveston Co MUD #6 TX Unltd Tax 2,730 1 pm C GMS Group State Atty General --- --- --- --- --- --- BQ 9-Mar Waunakee Vlg WI GO Corp Purp 9,995 10 am C Ehlers Husch Blackwell 21-35 --- --- --- --- --- BQ 9-Mar
Monday, April 13 Rosemount-Apple Vly ISD #196 MN COPs 8,945 11 am C Ehlers Dorsey & Whitney 21-30 --- --- --- --- --- --- 11-Mar Lake Delton Vlg WI GO Corp Purp 35,910 10:30 am C Ehlers Quarles & Brady 21-40 --- --- --- --- --- --- 9-Mar
Monday, April 20 Lincoln County MN GO Tax Abate (Tax) 4,925 12 pm C Ehlers Kennedy & Graven 22-31 --- --- --- --- --- --- 13-Mar
Tuesday, April 28 Richfield MN GO 5,375 10 am C Ehlers Kennedy & Graven 21-41 --- --- --- --- --- BQ 13-Mar St Anthony MN GO Street 3,000 10:30 am C Ehlers Dorsey & Whitney 22-36 --- --- --- --- --- BQ Today
Day to Day Florida BOE FL Cap Outlay Ref *112,335 --- Division of Bond Fin Squire Patton 21-23 --- Aaa AAA AAA --- --- 19-Feb
Fort Lauderdale FL Spec Oblg *170,000 11 am E PFM Fin Advisors Greenberg Traurig --- --- --- --- --- --- --- 13-Mar Massachusetts MA GO Ref *117,760 --- PFM Fin Advisors Mintz Levin 27-42 --- Aa1 AA AA+ --- --- 9-Mar Massachusetts MA GO *150,000 --- PFM Fin Advisors Mintz Levin 50 --- Aa1 AA AA+ --- --- 9-Mar
Amount Time of Bank- Latest Issuer St Description ($000s) Sale Financial Adviser Legal Opinion Maturing Insurer Mdy’s S&P Fitch KBRA Qual. Details
Competitive Bond Offerings *Preliminary and subject to change. SHADED LISTINGS ARE NEW.
Compiled by IHS Markit
Monday, March 16 Briarcliff Manor UFSD NY Bond Antic 2,170 11 am E Fiscal Adv & Mkt Hawkins Delafield 21 --- --- --- --- --- BQ 12-Mar
Washington County NY GO Bond Antic 2,300 11:15 am E Fiscal Adv & Mkt Bartlett Pontiff 21 --- --- --- --- --- --- 11-Mar
Washington County NY Bond Antic 7,875 11:15 am E Fiscal Adv & Mkt Bartlett Pontiff 21 --- --- --- --- --- --- 11-Mar
Tuesday, March 17 Blue Hills Reg Tech HSD MA GO Bond Antic 3,924 11 am E Hilltop Securities Locke Lord 20 --- --- --- --- --- BQ 13-Mar
Amount Time of Bank- Latest Issuer St Description ($000s) Sale Financial Adviser Legal Opinion Maturing Insurer Mdy’s S&P Fitch KBRA Qual. Details
Competitive Note Offerings Tentative dates for negotiated sales of $1 million or more. SHADED LISTINGS ARE NEW.
Compiled by IHS Markit
013_BB031620 13 3/13/2020 5:04:08 PM
14 The Bond BuyerMonday, March 16, 2020New Issues
Week Of March 16 West Stone Co Wtr Pub Wtr Auth AR Wtr Rev 2,600 Stephens --- --- --- --- --- --- Today Arizona Indl Dev Auth AZ Rev 236,620 RBC Capital Mkts Hilltop Securities --- --- --- --- --- 6-Mar Northwest Fire Dt of Pima Co AZ GO Ref 6,635 Hilltop Securities Stifel Nicolaus --- --- --- --- --- 12-Mar Saddle Mountain USD #90 AZ Sch Imp 42,770 Stifel Nicolaus --- AGM --- --- --- --- 11-Mar Santa Cruz Vly USD #35 AZ Sch Imp 15,040 Stifel Nicolaus --- --- --- --- --- --- 11-Mar California Hlth Facs Fin CA Rev 127,690 Goldman Sachs Ponder --- --- --- --- --- 13-Mar California Hlth Facs Fin CA Rev 148,945 RBC Capital Mkts --- --- --- --- --- --- 13-Mar California Hlth Facs Fin CA Rev 145,975 Morgan Stanley Ponder --- --- --- --- --- 13-Mar Exeter CA Swr Rev Ref 3,105 Brandis Tallman, LLC --- BAM --- --- --- --- 13-Mar Grass Vly CA Pension (Tax) 18,495 Hilltop Securities --- --- --- --- --- --- Today Grossmont Union HSD CA GO Ref (Tax) 44,290 Citigroup KNN Public Finance --- --- --- --- --- 13-Mar Lodi Pub Fin Auth CA Wtr Ref Rev 23,390 Piper Sandler --- --- --- --- --- --- 13-Mar S Placer WstWtr Auth CA Wstwtr Rev Ref 48,760 Morgan Stanley Hilltop Securities --- --- --- --- --- 9-Mar San Dieguito Union HSD CA GO Ref (Tax) 145,000 RBC Capital Mkts --- --- --- --- --- --- 13-Mar Winters Jt USD CA GO Ref 6,500 D.A. Davidson --- BAM --- --- --- --- 13-Mar Arista Metro Dt CO Rev Ref (Tax) 4,315 D.A. Davidson --- --- --- --- --- --- 13-Mar Arista Metro Dt CO Rev Ref 6,205 D.A. Davidson --- --- --- --- --- --- 13-Mar Southshore Metro Dt #2 CO GO Ref 25,080 D.A. Davidson --- BAM --- --- --- --- 13-Mar Southshore Metro Dt #2 CO GO Ref (Tax) 29,970 D.A. Davidson --- BAM --- --- --- --- 13-Mar Florida Dev Fin Corp FL Rev Ref 37,855 Morgan Stanley PFM Fin Advisors --- --- --- --- --- 9-Mar Florida Dev Fin Corp FL Rev Ref (Tax) 231,030 Morgan Stanley PFM Fin Advisors --- --- --- --- --- 9-Mar Bleckley Co SD GA GO 16,000 Raymond James --- --- --- --- --- --- 13-Mar Forsyth Co SD GA GO 147,500 Citigroup --- --- --- --- --- --- 13-Mar
Amount Time of Bank- Latest Issuer St Description ($000s) Sale Financial Adviser Legal Opinion Maturing Insurer Mdy’s S&P Fitch KBRA Qual. Details
Competitive Note Offerings Tentative dates for negotiated sales of $1 million or more. SHADED LISTINGS ARE NEW.
Compiled by IHS Markit
Amount First Issuer St Description ($000s) Lead Manager Financial Adviser Insurer Mdy’s S&P Fitch KBRA Appeared
Negotiated Bond Offerings Tentative dates for negotiated sales of $1 million or more. A “+” under Insurer signifies that insurance is available. SHADED LISTINGS ARE NEW.
Compiled by IHS Markit
Greenwich Twp NJ Bond Antic 3,500 11:15 am E Phoenix Advisors Parker McCay 20 --- --- SP-1+ --- --- --- 12-Mar West Orange Twp NJ Bond Antic (Tax) 6,300 11:30 am E NW Financial Group McManimon Scotland 21 --- --- --- --- --- --- 12-Mar Albany NY Bond Antic 25,824 11 am E Fiscal Adv & Mkt Roemer Wallens 21 --- --- --- --- --- --- 12-Mar Cicero (Town) NY Bond Antic 2,221 11 am E Fiscal Adv & Mkt Orrick Herrington 21 --- --- --- --- --- BQ 6-Mar Morristown Ctrl SD NY Bond Antic 500 10:30 am E Fiscal Adv & Mkt Trespasz & Marquardt 21 --- --- --- --- --- BQ 10-Mar North Hempstead (Town) NY Bond Antic 8,393 11 am E Capital Markets Adv Hawkins Delafield 21 --- --- --- --- --- --- 11-Mar Pelham UFSD NY Bond Antic *10,000 11 am E Capital Markets Adv Hawkins Delafield 20 --- --- --- --- --- --- 6-Mar
Wednesday, March 18 Califon Borough NJ Bond Antic 750 11 am E Municipal Official Wilentz Goldman 21 --- --- --- --- --- BQ 12-Mar Englewood NJ GO 28,330 11 am E NW Financial Group Wilentz Goldman 21 --- --- --- --- --- --- 13-Mar Penns Grove Borough NJ Tax Antic 1,400 11 am E Municipal Official Parker McCay 20 --- --- --- --- --- BQ 13-Mar
Thursday, March 19 Greater Lawrence Sant Dt MA GO Grant Antic 1,709 11 am E Hilltop Securities Locke Lord 20 --- --- --- --- --- BQ 13-Mar Bloomfield Twp NJ Bond Antic 4,900 11:15 am E NW Financial Group Wilentz Goldman 21 --- --- --- --- --- --- Today Bloomfield Twp NJ Parking Util (Tax) 8,963 11:30 am E NW Financial Group Wilentz Goldman 21 --- --- --- --- --- --- Today Elizabeth NJ Bond Antic 5,200 11 am E NW Financial Group DeCotiis FitzPatrick 21 --- --- --- --- --- --- 13-Mar Hopewell Twp NJ Bond Antic 17,567 11:30 am E Phoenix Advisors McManimon Scotland 21 --- --- --- --- --- --- Today Montague Twp NJ Bond Antic 1,984 11 am E Municipal Official Gibbons P.C. 21 --- --- --- --- --- BQ 6-Mar Upper Freehold Twp NJ Bond Antic 5,370 11 am E Municipal Official Archer & Greiner 21 --- --- --- --- --- BQ 13-Mar Barre (Town) NY Bond Antic 708 11 am E Municipal Solutions Hodgson Russ 21 --- --- --- --- --- BQ 13-Mar North West Fire Dt NY Bond Antic 3,624 11:30 am E Municipal Solutions Trespasz & Marquardt 21 --- --- --- --- --- BQ Today Nyack Vlg NY Bond Antic 2,500 11 am E Munistat Services Hawkins Delafield 21 --- --- --- --- --- BQ Today Huron OH Note (Tax) 3,500 11 am E Sudsina & Assoc Squire Patton 21 --- --- --- --- --- --- 13-Mar
Tuesday, March 24 Oakland Co Bldg Auth MI Bldg Auth 2,665 11 am E Baird Miller Canfield 20 --- --- --- --- --- --- 11-Mar
Thursday, April 16 Delaware OH GO Bond Antic 2,000 11 am E Rockmill Financial Squire Patton 21 --- --- --- --- --- BQ 12-Mar
014_BB031620 14 3/13/2020 5:04:09 PM
15www.bondbuyer.comMonday, March 16, 2020 New Issues
For complete listings go to www.bondbuyer.com
Atlantic IA GO Ref 3,430 D.A. Davidson --- BAM --- --- --- --- 13-Mar
Burlington IA GO Ref (Tax) 4,160 Piper Sandler --- --- --- --- --- --- 13-Mar
Burlington IA GO Ref 5,440 Piper Sandler --- --- --- --- --- --- 13-Mar
Lake City IA GO Corp Purp Ref 2,350 D.A. Davidson --- --- --- --- --- --- 13-Mar
Newton IA GO Corp Purp (Tax) 1,350 D.A. Davidson --- AGM --- --- --- --- 13-Mar
Newton IA GO Corp Purp 2,500 D.A. Davidson --- AGM --- --- --- --- 13-Mar
Osceola IA Swr Rev Ref 5,040 D.A. Davidson --- BAM --- --- --- --- 13-Mar
Warren County IA GO Cap Loan 20,400 Piper Sandler --- --- --- --- --- --- 13-Mar
Woodbine IA GO Corp Purp 2,200 D.A. Davidson --- --- --- --- --- --- 28-Feb
Bluford Unit SD #318 IL GO Sch Ref 2,460 D.A. Davidson --- BAM --- --- --- --- 13-Mar
Carol Stream Comm Cons SD #93 IL GO Ref 1,625 Mesirow Financial --- --- --- --- --- --- Today
Grayslake Comm HSD #127 IL GO Sch 8,560 Raymond James --- --- --- --- --- --- 3-Mar
Illinois Fin Auth IL Multifam Hsg (Tax) 1,715 D.A. Davidson --- --- --- --- --- --- 13-Mar
Illinois Fin Auth IL Multifam Hsg 2,785 D.A. Davidson --- --- --- --- --- --- 13-Mar
Illinois Fin Auth IL Multifam Hsg (Tax) 6,860 D.A. Davidson --- --- --- --- --- --- 13-Mar
Illinois Fin Auth IL Multifam Hsg 15,460 D.A. Davidson --- --- --- --- --- --- 13-Mar
Illinois Fin Auth IL Multifam Hsg 16,975 D.A. Davidson --- --- --- --- --- --- 13-Mar
Orland Fire Prot Dt IL GO 4,705 Stifel Nicolaus --- --- --- --- --- --- 13-Mar
Springfield SD #186 IL GO 90,525 Stifel Nicolaus --- --- --- --- --- --- 13-Mar
West Prairie CUSD #103 IL GO Sch 3,330 Stifel Nicolaus --- --- --- --- --- --- 13-Mar
S Ripley Comm Multi-Sch Bldg IN Mtg 3,575 Raymond James --- --- --- --- --- --- 11-Mar
Berrien County MI GO Ref 2,575 Hilltop Securities --- --- --- --- --- --- Today
Berrien County MI GO Ref 1,975 Hilltop Securities --- --- --- --- --- --- Today
Great Lakes Wtr Auth MI Rev Ref (Tax) 706,675 Citigroup PFM Fin Advisors --- --- --- --- --- 13-Mar
Great Lakes Wtr Auth MI Wtr Supply Sys 79,060 Citigroup PFM Fin Advisors --- --- --- --- --- 13-Mar
Michigan Fin Auth MI Sch Ref 7,055 Piper Sandler --- --- --- --- --- --- 13-Mar
Michigan Fin Auth MI Rev Ref 12,425 Piper Sandler --- --- --- --- --- --- 13-Mar
Minneapolis MN Lease Rev 12,355 Baird --- --- --- --- --- --- 31-Jan
Hickory Co R-I SD MO GO Sch Bldg 2,180 Stifel Nicolaus --- --- --- --- --- --- 13-Mar
Jennings SD MO GO Ref 4,495 Stifel Nicolaus --- --- --- --- --- --- 13-Mar
Northwest Re SD #1 MO GO Ref 7,780 Stifel Nicolaus --- --- --- --- --- --- 13-Mar
St Charles Co Pub Wtr Dt #2 MO Ref Certs of Part 15,705 Piper Sandler --- --- --- --- --- --- 13-Mar
Ravalli County MT GO & Ref 3,535 D.A. Davidson --- --- --- --- --- --- 13-Mar
Winrock Ctr Tax Incr Dev Dt #1 NM Tax Increment 14,735 D.A. Davidson Piper Sandler --- --- --- --- --- 13-Mar
Winrock Ctr Tax Incr Dev Dt #1 NM Tax Increment 82,645 D.A. Davidson Piper Sandler --- --- --- --- --- 13-Mar
NYS Dorm Auth NY Rev 16,155 D.A. Davidson --- --- --- --- --- --- 13-Mar
NYS Urban Dev Corp NY Sales Tax Rev (Tax) 518,810 Goldman Sachs --- --- --- --- --- --- Today
NYS Urban Dev Corp NY Sales Tax Rev 1,587,520 Goldman Sachs --- --- --- --- --- --- Today
Cincinnati OH Wtr Sys Rev Ref (Tax) 54,955 Morgan Stanley --- --- --- --- --- --- 13-Mar
Finneytown Local SD OH GO Sch Imp 21,245 RBC Capital Mkts --- --- --- --- --- --- 13-Mar
Franklin Co Conv Facs Auth OH Tax & Rev Antic (Tax) 136,265 BofA Securities Baker Tilly MA --- --- --- --- --- 13-Mar
Hamilton OH Spec Oblg (Tax) 29,000 KeyBanc Cap Mkts --- BAM --- --- --- --- 17-Jan
Hamilton County OH Rev Ref 202,480 BofA Securities Ponder --- --- --- --- --- 12-Mar
Pontotoc Co Ed Facs Auth OK Ed Facs Rev 11,360 D.A. Davidson Stephen H. McDonald --- --- --- --- --- 13-Mar
Beaverton OR Rev 17,735 KeyBanc Cap Mkts PFM Fin Advisors --- --- --- --- --- 12-Mar
Greater Albany Pub SD #8J OR GO 7,450 Piper Sandler --- --- --- --- --- --- 13-Mar
Moniteau SD PA Note 17,495 Janney Montgomery --- AGM --- --- --- --- 11-Mar
Pittsburgh PA GO 43,105 PNC Capital Markets MAS Financial Adv --- --- --- --- --- 28-Feb
Lancaster Co SD SC Ref (Tax) 61,580 PNC Capital Markets --- --- --- --- --- --- 6-Mar
Sierra Blanca ISD SC Ref 8,550 Raymond James --- PSF --- --- --- --- 24-Feb
Brushy Creek MUD TX Ref 7,735 Raymond James Baird --- --- --- --- --- 4-Mar
Day to Day Long Beach CA Rev 145,000 Citigroup Public Resources --- --- --- --- --- 6-Mar
Amount First Issuer St Description ($000s) Lead Manager Financial Adviser Insurer Mdy’s S&P Fitch KBRA Appeared
Negotiated Note Offerings Tentative dates for negotiated sales of $1 million or more. A “+” under Insurer signifies that insurance is available. SHADED LISTINGS ARE NEW.
Compiled by IHS Markit
Amount First Issuer St Description ($000s) Lead Manager Financial Adviser Insurer Mdy’s S&P Fitch KBRA Appeared
Negotiated Bond Offerings Tentative dates for negotiated sales of $1 million or more. A “+” under Insurer signifies that insurance is available. SHADED LISTINGS ARE NEW.
Compiled by IHS Markit
015_BB031620 15 3/13/2020 5:04:10 PM
The Bond Buyer16 Monday, March 16, 2020
Day’s 2020 2020 Daily Yesterday Change High Date Low DateMunicipal Bond Index . . . . . . . . . . . . . . 132 .07 +1/32 140 .05 (3/9) 133 .31 (1/2)40 Average Dollar Price . . . . . . . . . . . . . 106 .96 +0 .02 113 .35 (3/9) 108 .35 (1/2)Average Yield to Par Call . . . . . . . . . . . . 2 .90 unch 2 .90 (3/12) 1 .86 (3/9)Average Yield to Maturity . . . . . . . . . . . . 3 .70 unch 3 .72 (3/12) 3 .35 (3/9)
Current Day’s 2020 2020 Total Change High Date Low Date30-Day Visible Supply ($mills) . . . . . . . Total (Mar. 16) . . . . . . . . . . . . . . . . . . . . $14,751 .1 +2,588 .7 $14,751 .1 (3/13) $7,051 .7 (1/29)Competitive . . . . . . . . . . . . . . . . . . . . . . 2,140 .3 +72 .7 5,326 .2 (1/3) 1,914 .8 (3/11)Negotiated . . . . . . . . . . . . . . . . . . . . . . . 12,610 .8 +2,516 .0 12,610 .8 (3/13) 4,084 .5 (2/19)
The 30-Day Visible Supply reflects the total dollar volume of bonds to be offered at competitive bidding and through negotiation over the next 30 days. It includes issues scheduled for sale on the date listed along with anticipated offerings listed in that day’s “Competitive Bond Offerings” and “Negotiated Bond Offerings” tables published on BondBuyer.com.
Current Previous 2020 2020Weekly 3/12/20 3/5/20 High Date Low Date
Bond Buyer Revenue Bond Index . . . . . 3 .07% 2 .81% 3 .20% (1/2) 2 .81% (3/5)Bond Buyer 20-Bond Index . . . . . . . . . . 2 .57% 2 .31% 2 .73% (1/2) 2 .31% (3/5)Bond Buyer 11-Bond Index . . . . . . . . . . 2 .10% 1 .84% 2 .26% (1/2) 1 .84% (3/5)
Wk of 3/20/2020 Wk of 3/13/2020 Wk of 3/6/2020 Wk of 3/15/2019New-Issue Sales ($ mills) ESTIMATE ACTUAL REVISED REVISED
Long-Term Bonds . . . . . . . . . . . . . . . . . . . . $4,885 .3 $4,823 .0 $8,260 .2 $6,723 .1 Negotiated Bonds . . . . . . . . . . . . . . . . . . . . . 4,132 .5 4,023 .0 5,558 .3 4,294 .0Competitive Bonds . . . . . . . . . . . . . . . . . . . . 752 .8 800 .1 2,683 .6 2,295 .0Short-Term Notes . . . . . . . . . . . . . . . . . . . . . 122 .0 394 .7 501 .2 339 .9Long-Term Bond Sales Thru 3/20/2020 Thru 3/13/2020 Thru 3/6/2020 Thru 3/15/2019
Month to Date . . . . . . . . . . . . . . . . . . . . . . . . $17,968 .5 $13,083 .2 $8,260 .2 $13,342 .8 Year to Date . . . . . . . . . . . . . . . . . . . . . . . . . 89,954 .4 85,069 .1 80,246 .0 64,791 .4
This week’s volume excludes sales expected to close on Friday. Next week’s estimated 844 excludes bond offerings on a “day to day”schedule.
Market Indicators Dollar amounts are in millions
Market Statistics
Competitive Negotiated Total ($000s) ($000s) ($000s)
Competitive Negotiated Total ($000s) ($000s) ($000s)
Visible Supply
The 30-day visible supply is compiled daily from The Bond Buyer’s Competitive and Negotiated Bond and Note Offerings calendars. It reflects the dollar volume of bonds expected to reach the market in the next 30 days. Issues maturing in 13 months or more are included. The 30-day visible supply of competitive bonds has been reported since 1927, while the negotiated supply has been reported since 1971.
Weekly Averages03/13 2,309,489 9,866,675 12,176,164 03/06 3,349,906 8,074,378 11,424,28402/28 3,830,174 7,493,429 11,323,60302/21 3,269,762 5,847,452 9,117,21402/14 3,471,055 6,469,054 9,940,109 02/07 3,338,446 7,330,854 10,669,300 01/31 3,075,623 6,088,922 9,164,54601/24 3,481,278 6,620,025 10,145,660 01/17 3,537,541 7,397,796 10,935,337 01/10 3,956,400 6,220,241 10,176,641 01/03 4,420,068 2,605,270 7,025,338 12/27 3,549,144 2,511,081 6,060,22512/20 794,151 5,924,531 6,718,682
Monthly AveragesFeb_20 3,488,285 6,834,552 10,322,837 Jan 3,686,529 6,255,930 9,942,460 Dec 2,415,545 8,879,401 11,294,946 Nov 3,001,881 12,458,477 15,460,358 Oct 3,948,065 10,035,436 13,983,501 Sep 2,908,169 9,016,317 11,924,486 Aug 3,892,634 7,169,949 11,062,583 Jul 2,829,215 5,502,430 8,331,645 Jun 4,232,721 4,461,583 8,694,304 May 4,075,907 4,156,333 8,232,240 Apr 2,653,924 4,487,284 7,141,208 Mar 3,160,437 3,963,383 7,123,820 Feb 2,408,610 4,581,885 6,990,495
Mar. 13, 2020 Mar. 12, 2020 Mar. 15, 2019Selected MIG-1/SP-1 Notes
New York St Twy Auth Gen Rev J, N .Y . 4 .00s (Feb . 1) . . 0 .00 0 .00 0 .00San Anto Tex Indpt sch Dist, Calif ., 4 .00s (Aug . 15) . . . 0 .18 0 .19 0 .00San Diego Calif Uni Sch Dist, Calif ., 5 .00s (Jun . 30) . . 0 .27 0 .26 1 .35
Municipal Market Data
One-Month Note (MIG-1) . . . . . . . . . . . . . . . . . . . . . . . 1 .19 1 .19 1 .56Two-Month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .17 1 .17 1 .57Three-Month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .15 1 .15 1 .58Four-Month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .13 1 .13 1 .60Five-Month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .12 1 .12 1 .62Six-Month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .12 1 .12 1 .64Nine-Month . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .12 1 .12 1 .69One-Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .14 1 .14 1 .70
Variable-Rate Demand (Non-AMT/AMT)Daily General Market . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .59/1 .69 1 .36/1 .45 1 .38/1 .44
Mar. 12, 2020 Mar. 5, 2020 Mar. 14, 2019Seven-Day General Markets . . . . . . . . . . . . . . . . . . . . . 1 .41/1 .44 1 .36/1 .37 1 .85/1 .85
Mar. 11, 2020 Mar. 4, 2020 Mar. 13, 2019Jefferies & Co.Jefferies Short-Term Index Rate (Jef STR) . . . . . . . . . . 1 .33 1 .36 1 .59
Mar. 11, 2020 Mar. 4, 2020 Mar. 13, 2019Municipal Market DataThe SIFMA™ Municipal Swap Index . . . . . . . . . . . . . . . 1 .28 1 .25 1 .61
Short-Term Tax-Exempt Yields
Aaa Aa Insured A Baa
2021 1 .11 1 .14 1 .17 1 .18 1 .672022 1 .12 1 .16 1 .21 1 .26 1 .752025 1 .20 1 .28 1 .40 1 .45 1 .952030 1 .61 1 .74 1 .86 1 .90 2 .422035 1 .91 2 .09 2 .19 2 .26 2 .742040 2 .13 2 .32 2 .41 2 .48 2 .962045 2 .27 2 .46 2 .54 2 .61 3 .092050 2 .32 2 .51 2 .60 2 .67 3 .15
Figures are as of 3 pm Eastern time Mar. 13, 2020. Yields represent the fair market offer side for most liquid and available credits in each ratings category as determined by MMD. “Insured” primarily represents bonds with the strongest available enhancement available, assuming a “A” rated underlying. The above data, provided by Thomson Reuters Municipal Market Data ([email protected]), is the copyright property of Thomson Reuters and distribution is strictly prohibited. Visit www.tm3.com.
Municipal Market Data General Obligation YieldsVisible Supply Increases
0
3
6
9
12
15
18
1/31 2/5 2/10 2/13 2/19 2/24 2/27 3/3 3/6 3/11 3/16
Jan. 31 – Mar. 16, 2020
Competitive Negotiated
016_BB031620 16 3/13/2020 4:31:54 PM
www.bondbuyer.com 17Monday, March 16, 2020 Market Statistics
Treasury Bills Yesterday’s Prev. Day’s Yesterday’s
(in percent of discount) Bid/Offer Bid/Offer Bid Yield
1M — 04/14/2020 . . . . . . . . . . . . . 0 .385/375 0 .270/260 0 .390
3M — 06/11/2020 . . . . . . . . . . . . . 0 .270/265 0 .330/300 0 .274
6M — 09/10/2020 . . . . . . . . . . . . . 0 .360/350 0 .360/300 0 .366
Treasury Notes and Bonds Yesterday’s Prev. Day’s Yesterday’s
(in points and 32ds) Bid/Offer Bid/Offer Bid Yield
2Y — 1 .13% due 02/2022 . . . . . . . 101 .08+/096 101 .06+/076 0 .474
5Y — 1 .13% due 02/2025 . . . . . . . 102 .02+/040 102 .082/096 0 .474
10Y — 1 .50% due 02/2030 . . . . . . 105 .106/126 105 .27+/29+ 0 .935
30Y — 2 .00% due 02/2050 . . . . . . 111 .08+/10+ 112 .216/236 1 .529Plus signs indicate an additional one–64th. If no bid is available, the yield shown represents the yield at the last trade.–
Barclays Capital Long Treasury Bond Index Index Value Yield Index Total
Yesterday Prev. Day Change Yesterday Prev. Day Change Return
Close 4874 .26 4935 .71 –61 .45 1 .40 1 .33 +0 .07 4774 .26
The Barclays Long Treasury Bond Index measures the performance of fixed–rate, nominal US Treasuries with at least 10 years to maturity
(Jan. 1 1973 = 100).
U.S. Securities PricesPrices as of 3.30pm ET. Source: Thomson Reuters
Monday Tuesday Wednesday Thursday Friday Mar 9 Mar 10 Mar 11 Mar 12 Mar 13
Overnight* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .89 0 .29 0 .29 0 .29 0 .29Three Months . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .25 0 .42 0 .39 0 .26 0 .31Six Months . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .23 0 .40 0 .39 0 .27 0 .38Nine Months . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .23 0 .38 0 .36 0 .29 0 .38
One Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .23 0 .37 0 .35 0 .31 0 .38Two Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .26 0 .41 0 .43 0 .40 0 .51Three Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .30 0 .47 0 .50 0 .48 0 .59Four Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .32 0 .50 0 .54 0 .52 0 .65Five Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .34 0 .54 0 .57 0 .54 0 .69
Six Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .38 0 .60 0 .62 0 .60 0 .80Seven Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .42 0 .64 0 .67 0 .65 0 .90Eight Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .43 0 .64 0 .69 0 .67 0 .92Nine Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .44 0 .62 0 .68 0 .67 0 .9210 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .45 0 .62 0 .70 0 .68 0 .94
15 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .60 0 .75 0 .89 0 .85 1 .1120 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .75 0 .95 1 .08 1 .04 1 .3125 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .90 1 .15 1 .29 1 .27 1 .5630 Years . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 .90 1 .09 1 .24 1 .21 1 .56
Source: U.S. Department of the Treasury, Bureau of the Public Debts*Overnight rate represents an annualized effective rate.
State and Local Government Series Rates
Offer Amount
Date ($Mil) RECENT OFFERINGS 1 Year 5 10 15 20 25 30
Aaa – AAA
3/11 153.3 Brookline (Town), Mass., . . . . . . . . . . . . . . . . . . . 0.85 0.90 1.27 1.95 2.25 2.39 …
3/10 34.5 Vienna (Town), Va., . . . . . . . . . . . . . . . . . . . . . . . . 0.59 0.64 1.03 2.10 2.29 … …
3/10 23.1 Foxborough (Town), Mass., . . . . . . . . . . . . . . . . . 0.57 0.65 1.08 1.70 2.25 … …
3/5 45.6 Cambridge, Mass., . . . . . . . . . . . . . . . . . . . . . . . . 0.58 0.62 0.93 1.80 2.10 … …
3/4 76.1 Acton-Boxborough Reg SD, Mass . . . . . . . . . . . . 0.65 0.66 0.93 1.64 1.88 2.33 2.39
2/26 246.0 Baltimore County, Md., . . . . . . . . . . . . . . . . . . . . … 0.80 1.01 1.42 1.67 … …
2/26 10.0 Smithtown (Town), N.Y., . . . . . . . . . . . . . . . . . . . . 0.70 0.85 1.20 1.70 2.03 … …
2/20 10.7 Mattapoisett (Town), Mass., . . . . . . . . . . . . . . . . . 0.77 0.82 1.36 2.05 … … …
2/19 15.5 Huntersville (Town), N.C., . . . . . . . . . . . . . . . . . . . 0.81 0.84 1.18 2.00 2.25 … …
2/12 15.7 Saint Paul, Minn., . . . . . . . . . . . . . . . . . . . . . . . . . 0.90 0.96 1.45 2.15 … … …
2/11 36.1 Greensboro, N.C., . . . . . . . . . . . . . . . . . . . . . . . . . … 0.84 1.15 1.85 2.25 … …
2/5 80.0 Canyons SD BOE, Utah., . . . . . . . . . . . . . . . . . . . 0.85 0.90 1.25 2.29 … … …
Aa1/Aa2/Aa3 – AA+/AA/AA–
3/12 30.8 Waltham, Mass., . . . . . . . . . . . . . . . . . . . . . . . . . . 1.70 2.10 2.40 … … 3.50 …
3/12 4.9 Holmen Vlg, Wis., . . . . . . . . . . . . . . . . . . . . . . . . 1.45 1.65 2.10 2.50 … … …
3/11 6.7 Wanaque Borough, N.J., . . . . . . . . . . . . . . . . . . . 0.85 1.05 1.50 2.00 2.30 … …
3/10 43.0 Portland, Maine.,. . . . . . . . . . . . . . . . . . . . . . . . . . 0.65 0.71 1.07 2.00 2.18 … …
3/9 9.5 Carlton County, Minn., . . . . . . . . . . . . . . . . . . . . . 0.80 0.85 1.14 1.60 1.95 … …
3/9 7.5 Bonner Springs, Kan., . . . . . . . . . . . . . . . . . . . . . . 0.75 0.80 1.10 1.60 1.95 … …
3/9 2.3 City of Minnetrista, Minn., . . . . . . . . . . . . . . . . . . 0.60 0.80 1.15 … 1.90 … …
3/5 263.1 Louisiana, La., . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.62 0.72 1.06 1.38 1.62 … …
3/5 7.7 Windsor Vlg, Wis., . . . . . . . . . . . . . . . . . . . . . . . . 0.80 0.90 1.25 1.70 1.95 … …
3/4 37.7 Dutchess County, N.Y., . . . . . . . . . . . . . . . . . . . . . 0.79 0.84 1.24 1.90 2.12 … …
3/4 10.8 Ketchum, Idaho., . . . . . . . . . . . . . . . . . . . . . . . . . . 0.73 0.75 1.10 1.80 2.15 … …
3/3 22.2 Marshfield (Town), Mass.,. . . . . . . . . . . . . . . . . . . 0.67 0.68 0.95 2.00 2.25 2.35 2.45
A1/A2/A3 – A+/A/A–
3/5 1.4 Camillus (Town), N.Y.,. . . . . . . . . . . . . . . . . . . . . . 0.75 1.00 1.50 2.00 2.16 … …
3/3 12.1 Kentucky Rural Wtr Fin, Ky., . . . . . . . . . . . . . . . . . 0.95 1.06 1.60 2.10 2.35 2.45 …
2/19 27.7 Verona Twp BOE, N.J.,. . . . . . . . . . . . . . . . . . . . . . … 1.15 1.75 2.20 2.41 … …
2/19 22.6 Fulton Co Bldg Corp, Ind., . . . . . . . . . . . . . . . . . . … 1.23 1.66 2.25 2.47 … …
2/11 25.0 Natchez Adams SD, Miss., . . . . . . . . . . . . . . . . . . 1.03 1.15 1.60 2.35 2.60 … …
2/3 7.6 Peculiar, Mo., . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00 1.10 1.45 2.00 … … …
1/14 13.3 Nicholas Co Pub Prop Corp, Ky., . . . . . . . . . . . . . 1.15 1.40 2.10 2.54 … … …
12/18 12.6 Kentucky Rural Wtr Fin, Ky., . . . . . . . . . . . . . . . . . … 1.40 2.00 2.50 2.90 … 3.00
12/17 11.0 Winter Park (Town), Colo., . . . . . . . . . . . . . . . . . . 1.16 1.28 1.72 2.40 2.64 … …
12/10 6.3 Jackson Vlg, Wis.,. . . . . . . . . . . . . . . . . . . . . . . . . 1.25 1.43 1.84 2.20 2.45 … …
12/9 5.2 Moundridge Pub Bldg Comm, Kan., . . . . . . . . . . . … 1.45 1.90 … 2.55 2.78 2.85
11/25 4.0 Corydon (Town), Ind., . . . . . . . . . . . . . . . . . . . . . . … 1.60 2.15 2.50 2.75 … …
Reoffering YieldsNRO – Not Reoffered; S.B. – Sealed Bid; SNA – Sold, Not Available
For additional market data, please visit bondbuyer.com/marketstatistics
Performance Comparisons for Mar. 9, 2020
Aaa–Baa Rated Corporates Index Avg. Pct.of Total Return%Close Yield Market Prior Wk. Y-T-D
ML Corporate Master 3381.48 2.50 100.00 +0.32 +4.08
Intermediate (1-10 years) 2159.53 2.14 65.19 –0.36 +2.17Industrials 779.09 2.21 34.85 –0.66 +1.84Utilities 769.52 1.90 5.79 +0.80 +3.82Finance 765.50 2.33 4.47 –0.02 +2.64Banks 800.17 2.04 18.89 –0.27 +2.14Canadians/Yankees 719.56 1.84 35.89 +0.16 +2.63
Long-term (10 years and over) 3707.29 3.19 34.81 +1.62 +7.85Industrials 1411.23 3.34 21.22 +0.56 +6.35Utilities 1458.60 2.85 7.29 +4.37 +11.88Finance 1468.87 2.97 2.32 +3.51 +11.36Banks 1540.38 3.07 2.71 +1.02 +6.18Canadians/Yankees 1955.82 3.52 11.07 –0.34 +5.11
Index values reflect the compounded total return growth of each respective market, with values set at 100 at inception dates. Total return equals the sum of price change, interest income, and reinvestment income.Source: Merrill Lynch & Co.
Merrill Lynch Corporate Bond Indexes
MARKET STATISTICSFor additional market data, please visit bondbuyer.com/marketstatistics.
017_BB031620 17 3/13/2020 4:01:51 PM
The Bond Buyer18 Monday, March 16, 2020
20-Bond 11-Bond 25-Bond 10-Year 30-Year GO Index1 GO Index1 Revenue2 Treasury3 Treasury3
2020
MAR 12 . . . . . . . . . 2.57 2.10 3.07 0.88 1.47 5 . . . . . . . . . 2.31 1.84 2.81 0.92 1.56
FEB 27 . . . . . . . . . 2.27 1.80 2.77 1.30 1.80 20 . . . . . . . . . 2.46 1.99 2.96 1.52 1.97 13 . . . . . . . . . 2.51 2.04 3.01 1.62 2.07 6 . . . . . . . . . 2.53 2.06 3.03 1.64 2.11
JAN 30 . . . . . . . . . 2.47 2.00 2.97 1.57 2.04 23 . . . . . . . . . 2.54 2.07 3.04 1.73 2.18 16 . . . . . . . . . 2.56 2.09 3.06 1.81 2.26 9 . . . . . . . . . 2.63 2.16 3.10 1.85 2.32 2 . . . . . . . . . 2.73 2.26 3.20 1.88 2.34
DEC 26 . . . . . . . . . 2.74 2.27 3.21 1.90 2.33 19 . . . . . . . . . 2.74 2.27 3.21 1.91 2.35 12 . . . . . . . . . 2.74 2.27 3.21 1.90 2.32 5 . . . . . . . . . 2.77 2.30 3.24 1.80 2.24
NOV 27 . . . . . . . . . 2.77 2.30 3.24 1.77 2.19 21 . . . . . . . . . 2.79 2.33 3.27 1.78 2.24 14 . . . . . . . . . 2.85 2.39 3.33 1.82 2.31 7 . . . . . . . . . 2.86 2.40 3.34 1.92 2.40
OCT 31 . . . . . . . . . 2.79 2.33 3.27 1.69 2.18 24 . . . . . . . . . 2.75 2.29 3.23 1.77 2.26 17 . . . . . . . . . 2.70 2.24 3.18 1.76 2.24 10 . . . . . . . . . 2.59 2.13 3.07 1.66 2.15 3 . . . . . . . . . 2.62 2.16 3.10 1.54 2.04
SEP 26 . . . . . . . . . 2.66 2.20 3.14 1.71 2.15 19 . . . . . . . . . 2.76 2.30 3.24 1.79 2.23 12 . . . . . . . . . 2.85 2.39 3.33 1.79 2.27 5 . . . . . . . . . 2.97 2.51 3.45 1.57 2.06
AUG 29 . . . . . . . . . 2.97 2.51 3.45 1.51 1.97 22 . . . . . . . . . 3.07 2.61 3.55 1.62 2.11
(1) General obligation bonds maturing in 20 years are used in compiling these indexes. The 20-bond index has an average rating equivalent to Moody’s Aa2 and S&P’s AA, while the 11-bond index is equivalent to Aa1 and AA-plus. (No average Fitch rating is provided because Fitch does not rate one of the bonds.) The 11 bonds used in the higher-grade index are marked with an asterisk.
Moody’s/S&P/Fitch Moody’s/S&P/Fitch Moody’s/S&P/FitchBaltimore, Md. Aa2 / AA / NR *Massachusetts. Aa1 / AA / AA+ Pennsylvania. Aa3 / A+/ AA–California Aa2 / AA– / AA Memphis, Tenn. Aa2 / AA / NR *Phoenix, Ariz Aa1 / AA+ /AAA*Denver, Colo. Aaa / AAA / AAA Miami-Dade Co., Fla. Aa2 / AA / AA *Seattle, Wash. Aaa / AAA / AAA*Florida Aaa / AAA / AAA Milwaukee, Wis. A1 / AA– / AA– *South Carolina Aaa / AA+ / AAA*Georgia Aaa / AAA / AAA New York City Aa1 / AA / AA *Texas Aaa / AAA / AAAHouston, Tex. Aa3 / AA / AA *New York State Aa1 / AA+ / AA+ *Washington Aaa / AA+ / AA+*Maryland Aaa / AAA / AAA North Carolina Aaa / AAA / AAA
(2) Revenue bonds maturing in 30 years are used in compiling this index. It has an average rating equivalent to Moody’s A1 and S&P’s A-plus. (No average Fitch rating is provided because Fitch does not rate seven of the bonds.) The bonds and their ratings are: Moody’s S&P FitchAtlanta, Ga., airport (AMT) .................................................................................................................................................................... Aa3 AA– AA–Connecticut Housing Finance Authority ................................................................................................................................................ Aaa AAA NRDallas-Fort Worth International Airport Board, Tex. (AMT).................................................................................................................... A1 A+ AEnergy Northwest (formerly WPPSS), Wash., power revenue .............................................................................................................. Aa2 AA– AA–Illinois Health Facilities Financing Authority (Northwestern Memorial Healthcare)................................................................................ Aa2 AA+ NRIllinois Housing Development Authority mtg. revenue bonds ............................................................................................................... Aa2 AA NRIntermountain Power Agency, Utah ....................................................................................................................................................... A1 A+ AAJEA (formerly Jacksonville Electric Authority), Fla. electric revenue ..................................................................................................... A2 A+ AAKentucky Turnpike Authority ................................................................................................................................................................. Aa3 A– NRLos Angeles Department of Water and Power, Calif., electric revenue .................................................................................................. Aa2 AA AAMassachusetts Port Authority (AMT) .................................................................................................................................................... Aa2 AA AAMEAG Power (formerly Municipal Electric Authority of Georgia) .......................................................................................................... A1 A A–Nebraska Public Power District, power supply ...................................................................................................................................... A1 A+ A+New Jersey Turnpike Authority, turnpike revenue ................................................................................................................................. A2 A+ ANew York State Local Government Assistance Corp., revenue .............................................................................................................. Aa1 AA+ NRNew York State Power Authority, general purpose ................................................................................................................................ Aa1 AA AANorth Carolina Municipal Power Agency No. 1, Catawba electric revenue ............................................................................................ NR A APort Authority of New York and New Jersey, consolidated (AMT) ......................................................................................................... Aa3 AA– AA–Puerto Rico Electric Power Authority .................................................................................................................................................... Ca D DSalt River Project Agricultural Improvement and Power District, Ariz., electric revenue ....................................................................... Aa1 AA NRSouth Carolina Public Service Authority, electric revenue ..................................................................................................................... A2 A A–Texas Municipal Power Agency ............................................................................................................................................................. A1 A+ A+Virginia Housing Development Authority .............................................................................................................................................. Aa1 AA+ NR
(3) Yield on the most current U.S. Treasury 10-year note and 30-year Treasury bond. (Source: Thomson Reuters)
Bond Buyer IndexesAverage Municipal Bond Yields — Compiled Weekly
Market Statistics
Latest Previous Year 12-Month Week Week Ago High Low20-Bond Index 2.57 2.31 4.04 4.04 2.2710-Year Treasury Note 0.88 0.92 2.63 2.63 0.8830-Year Treasury Bond 1.47 1.56 3.05 3.05 1.47Basis Pt Spread to Note –169.00 –139.00 –140.80 –75.00 –169.00BBI as % of Note 292.05 251.09 153.50 292.05 141.44Basis Pt Spread to Bond –110.00 –75.00 –99.20 –30.00 –111.88BBI as % of Bond 174.83 148.08 132.55 174.83 113.27
Weekly Yields of 20-Bond GOIndex and Treasury Securities
NOTE : We have no new bond after December 13, 2019 pricings.
Due to this, the list of 40 bonds used in the Municipal Bond Index was not revised after the March 13 pricings. The list will be revised at the next regularly scheduled revision on March 31.
As a result, the coefficient remains at 1.068, the average coupon rate at 4.11%, the average par call date is July 3, 2026 and the average maturity date is May 18, 2046.
Municipal Bond Index Update
MARKETSTATISTICSFor additional market data, please visit bondbuyer.com/marketstatistics.
1.00
2.00
3.00
4.00
5.00
3/14/2019 6/13/2019 9/12/2019 12/12/2019 3/12/2020
20-Bond Index
Treasury Bond
Treasury Note
018_BB031620 18 3/13/2020 3:56:47 PM
www.bondbuyer.com 19Monday, March 16, 2020
Current Day Previous Day Week Ago Month Ago Year Ago
The Bond Buyer Municipal Bond Index 132.07 132.06 139.18 136.10 126.02
Friday, March 13, 2020 Maturity Par Call Dollar Conversion Converted Date Date Price Factor Price
1 Grand Parkway Transp Corp TX. 5.00. . . . . . . . 04/01/2053 10/01/2023 112.6820 0.9256 121.7394 2 South Carolina Pub Svce Auth. 5.50 . . . . . . . . 12/01/2053 12/01/2023 110.2370 0.9628 114.4963 3 South Carolina Pub Svce Auth. 5.00 . . . . . . . . 12/01/2048 12/01/2023 108.6410 0.9256 117.3736 4 California (State) GOs. 5.00 . . . . . . . . . . . . . . . 11/01/2043 11/01/2023 111.6970 0.9269 120.5060 5 Metro Transp Auth NY. 5.00 . . . . . . . . . . . . . . . 11/15/2043 11/15/2023 110.1290 0.9269 118.8143 6 Metro Transp Auth NY. 5.00 . . . . . . . . . . . . . . . 11/15/2038 11/15/2023 110.6130 0.9269 119.3365 7 California St Pub Wks. 5.00 . . . . . . . . . . . . . . . 11/01/2038 11/01/2023 111.4420 0.9269 120.2309 8 The City Of New York. 4.00 . . . . . . . . . . . . . . . 03/01/2039 03/01/2024 108.0230 0.8539 126.5054 9 Health and Educ Facilities Auth. 4.00. . . . . . . . 11/15/2045 11/15/2024 106.6770 0.8539 124.9291 10 New Jersey Transp Trust Fund Auth. 4.25. . . . . 06/15/2044 06/15/2024 102.9540 0.8771 117.3800 11 County of Allen, Ohio. 4.00 . . . . . . . . . . . . . . . 11/01/2044 11/01/2024 106.2280 0.8595 123.5928 12 Miami-Dade County Edu Facs Auth. 4.00 . . . . 04/01/2045 04/01/2025 108.3870 0.8595 126.1047 13 The Port Auth of N.Y. and N.J. 4.00 . . . . . . . . . 10/15/2045 10/15/2025 108.6810 0.8539 127.2760 14 Indiana Finance Authority. 4.00 . . . . . . . . . . . . 11/01/2051 11/01/2025 106.7150 0.8568 124.5507 15 New York City Transitional Fin Auth. 4.00 . . . . 07/15/2045 01/15/2026 107.9190 0.8539 126.3837 16 Hosp Auth No. 2 of Douglas County. 3.00 . . . . 05/15/2046 05/15/2026 97.3400 0.7809 124.6510 17 California Health Facs Fin Auth. 3.00. . . . . . . . 10/01/2041 10/01/2026 98.8930 0.7768 127.3082 18 California Health Facs Fin Auth. 3.00. . . . . . . . 10/01/2047 10/01/2026 95.8780 0.7768 123.4269 19 Michigan Finance Authority. 4.00. . . . . . . . . . . 11/15/2046 11/15/2026 107.0090 0.8512 125.7155 20 California Health Facs Fin Auth. 4.00. . . . . . . . 08/15/2039 08/15/2026 111.0290 0.8568 129.5857 21 Dormitory Auth of The State of N.Y.. 4.00 . . . . 07/01/2043 01/01/2027 106.1400 0.8512 124.6945 22 Hudson Yards Infrastructure Corp. 4.00 . . . . . . 02/15/2044 02/15/2027 109.9500 0.8568 128.3263 23 North Texas Tollway Auth. 4.00 . . . . . . . . . . . . 01/01/2043 01/01/2028 106.7400 0.8512 125.3994 24 Wisconsin Hth and Edu Facs Auth. 4.00 . . . . . 08/15/2047 08/15/2027 108.2190 0.8568 126.3060 25 Miami-Dade County,Florida. 3.50 . . . . . . . . . . 10/01/2047 10/01/2027 101.0490 0.8174 123.6225 26 Dormitory Auth St of The N.Y.. 4.00 . . . . . . . . . 07/01/2047 07/01/2027 110.1860 0.8568 128.6018 27 Dalton-Whitefield Cty Joint Dev Auth. 4.00 . . . 08/15/2048 02/15/2028 107.0870 0.8512 125.8071 28 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . . . . . . 04/15/2043 04/15/2028 104.7180 0.8484 123.4300 29 Spartanburg Reg Hth Srvc Dt. 4.00 . . . . . . . . . 04/15/2048 04/15/2028 104.1110 0.8484 122.7145 30 City of South Miami Hth Facs Auth. 4.00 . . . . . 08/15/2047 08/15/2027 105.6750 0.8568 123.3368 31 Eco Devlp Auth of the City of Norfolk. 4.00 . . . 11/01/2048 11/01/2028 109.7780 0.8484 129.3942 32 West Virginia Finance Authority. 4.00 . . . . . . . 06/01/2051 06/01/2028 106.6290 0.8539 124.8729 33 Los Angeles County Facilities Inc. 4.00 . . . . . . 12/01/2048 12/01/2028 112.0750 0.8512 131.6671 34 County of Franklin, Ohio. 4.00 . . . . . . . . . . . . . 05/15/2047 05/15/2028 109.3630 0.8595 127.2403 35 N.Y. City Municipal Water Fin Auth. 4.00 . . . . . 06/15/2049 06/15/2028 108.4880 0.8625 125.7832 36 Dormitory Auth of the State of N.Y.. 4.00 . . . . . 07/01/2045 07/01/2029 111.0960 0.8484 130.9477 37 Public Finance Authority. 4.00 . . . . . . . . . . . . . 10/01/2049 04/01/2029 107.9360 0.8539 126.4036 38 Martin County Health Facilities Auth. 4.00. . . . 01/01/2046 01/01/2029 109.3390 0.8568 127.6132 39 N.J. Economic Development Auth. 4.00 . . . . . . 06/15/2049 12/15/2029 96.0320 0.8539 112.4628 40 Metropolitan Pier and Exposition Auth. 4.00 . . 06/15/2050 06/15/2020 102.4310 0.995 102.9457
Bond Buyer 40 Current Day Previous Day Week Ago Month Ago Year Ago
Average Dollar Price . . . . . . . . . . . . . . 106.9554 106.9322 112.8689 110.2670 102.2169Yield To Par Call . . . . . . . . . . . . . . . . . . 2.90 2.90 1.94 2.37 3.77Yield To Maturity . . . . . . . . . . . . . . . . . . 3.70 3.70 3.37 3.51 3.98
This Index is owned by The Bond Buyer. Copyright 2020 The Bond Buyer. All rights reserved. These
40 Bonds are evaluated and priced daily by Standard & Poor’s Securities Evaluations Inc. (212-438-
4500). Copyright 2020 Standard & Poor’s Securities Evaluations Inc., a wholly owned subsidiary of The
McGraw-Hill Companies, Inc. All rights reserved. No copy or distribution permitted without permission
from The Bond Buyer and Standard & Poor’s Securities Evaluations Inc. No warranty is made as to the
accuracy or completeness of this data.
The Municipal Bond Index presented today employs the coefficient derived from the February 28, 2020
pricing, when it was set at 1.068. The average price represents the simple average price of the 40 bonds.
The yield to par call is computed from the average price, the average coupon (4.11%), and the average first
par call date ( July 03, 2026). Noncallable bonds are included in the par call yield calculations, with their
maturity dates serving as their par call dates in the calculations. The yield to maturity is computed from the
average price, the average coupon, and the average maturity date (May 18, 2046).
Municipal Bond Index
Market Statistics
These 40 Bonds are evaluated and priced daily by
Standard & Poor’s Securities Evaluations Inc. All figures are rounded to the nearest eighth when reported in this table.
“Change in Bid” is rounded after calculation. Dollar Change Yield toRating Bid in Bid Worst Case
EDUCATION
A3/A-/- Dormitory Auth of The State of N.Y..4.00 07/01/2043 . . . . 106.125 - 0.500 3.00 Aa2/AA-/- Dormitory Authority of the State of N.Y..4.00 07/01/2045. . 111.125 + 0.250 2.65 A3/A-/- Miami-Dade County Edu Facs Auth.4.00 04/01/2045 . . . . 108.375 unch 2.24 Baa1/BBB+/A- N.J. Economic Development Authority.4.00 06/15/2049 . . . 96 .000 -1.625 4.23 Aa3/AA/- Wisconsin Hth and Edu Facs Auth.4.00 08/15/2047 . . . . . 108.250 + 0.125 2.77
G.O. ET AL.
A1/A/A California (State) GOs.5.00 11/01/2043 . . . . . . . . . . . . . . . 111.625 - 0.250 1.68 A2/A-/A- California St Pub Wks.5.00 11/01/2038. . . . . . . . . . . . . . . 111.375 + 0.125 1.75 -/AA-/- Dalton-Whitefield Cty Joint Dev Auth.4.00 08/15/2048 . . . 107.125 + 0.125 2.99 Aa3/AA-/NR Health and Educ Facilities Auth.4.00 11/15/2045. . . . . . . . 106.625 unch 2.48 Aa3/-/AA Indiana Finance Authority.4.00 11/01/2051 . . . . . . . . . . . . 106.750 unch 2.71 -/AA/AA- Los Angeles County Facilities Inc.4.00 12/01/2048 . . . . . . 112.125 + 0.250 2.46 Aa2/AA/AA New York City Transitional Fin Auth.4.00 07/15/2045 . . . . 107.875 - 0.500 2.54 Aa2/AA/AA The City Of New York.4.00 03/01/2039 . . . . . . . . . . . . . . . 108.000 - 0.375 1.90 Aa3/AA-/AA- The Port Auth of N.Y. and N.J.4.00 10/15/2045 . . . . . . . . . 108.625 - 0.500 2.34
HOSPITAL
Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2041. . . . . . . . . 98 .875 + 0.250 3.07 Aa3/AA-/AA- California Health Facs Fin Auth.3.00 10/01/2047. . . . . . . . . 95 .875 + 0.375 3.22 Aa3/-/AA- California Health Facs Fin Auth.4.00 08/15/2039. . . . . . . . 111.000 unch 2.16 A1/AA-/- City of South Miami Hth Facs Auth.4.00 08/15/2047. . . . . 105.625 -1.500 3.14 A1/AA-/AA- County of Allen, Ohio.4.00 11/01/2044 . . . . . . . . . . . . . . . 106.250 unch 2.57 Aa2/AA+/AA+ County of Franklin, Ohio.4.00 05/15/2047. . . . . . . . . . . . . 109.375 + 0.125 2.72 Aa3/AA-/AA Dormitory Auth St of The N.Y..4.00 07/01/2047 . . . . . . . . . 110.125 + 0.125 2.47 Aa2/AA/- Eco Devlp Auth of the City of Norfolk.4.00 11/01/2048 . . . 109.750 + 0.125 2.73 NR/AA-/AA- Hosp Auth No. 2 of Douglas County.3.00 05/15/2046 . . . . . 97 .375 + 0.375 3.15 Aa2/AA/- Martin County Health Facilities Auth.4.00 01/01/2046. . . . 109.375 + 0.125 2.80 A3/A/- Michigan Finance Authority.4.00 11/15/2046 . . . . . . . . . . 107.000 + 0.125 2.85 A2/-/A+ Public Finance Authority.4.00 10/01/2049 . . . . . . . . . . . . . 107.875 + 0.250 3.00 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2043 . . . . . . . . . 104.750 + 0.125 3.33 A3/A/- Spartanburg Reg Hth Srvc Dt.4.00 04/15/2048 . . . . . . . . . 104.125 + 0.125 3.42 A2/A/- West Virginia Finance Authority.4.00 06/01/2051 . . . . . . . 106.625 + 0.250 3.09
HOUSING
Aa3/A+/A+ Hudson Yards Infrastructure Corp.4.00 02/15/2044. . . . . . 110.000 + 0.125 2.44
POWER
A1/AA-/AA- South Carolina Pub Svce Auth.5.50 12/01/2053 . . . . . . . . 110.250 + 0.125 2.60 A1/AA-/AA- South Carolina Pub Svce Auth.5.00 12/01/2048 . . . . . . . . 108.625 + 0.125 2.56
TRANSPORTATION
NR/AA/AA- Grand Parkway Transp Corp TX.5.00 04/01/2053. . . . . . . . 112.625 + 0.375 1.34 A2/A/A Metro Transp Auth NY.5.00 11/15/2043 . . . . . . . . . . . . . . . 110.125 unch 2.13 A2/A/A Metro Transp Auth NY.5.00 11/15/2038 . . . . . . . . . . . . . . . 110.625 unch 2.00 -/BBB/BBB- Metropolitan Pier and Exposition Auth.4.00 06/15/2050 . . 102.375 - 0.125 -5.41 A2/A-/A- New Jersey Transp Trust Fund Auth.4.25 06/15/2044 . . . . 103.000 + 0.125 3.50 A1/A/NR North Texas Tollway Auth.4.00 01/01/2043 . . . . . . . . . . . . 106.750 + 0.125 3.03
WATER
Aa3/A+/A+ Miami-Dade County,Florida.3.38 10/01/2047 . . . . . . . . . . 101.000 + 0.125 3.34 Aa1/AA+/AA+ N.Y. City Municipal Water Fin Auth.4.00 06/15/2049 . . . . . 108.500 +1.375 2.85
Municipal Bond Prices
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