Municipals improve a bit following strong Treasuries; Dallas-Fort Worth details airport deal

By Sheri Kasprzak

New York, July 12 - Municipals were again stronger on Friday to close out a week of ups and downs. Treasuries improved, and some initial pricing levels on upcoming deals were strong as well, market sources said.

"There were a few retail order periods today for some larger deals, and the terms are giving us a boost. There's not much on the calendar for today, so it helps," a trader said.

"Treasuries are also better."

Looking to the week ahead, the new-issue calendar will feature $8.5 billion of new offerings, up from $6.8 billion for week ended Friday.

UConn deal set

Among the retail order periods conducted Friday, the University of Connecticut held one of two retail order periods for its $225 million sale of series 2013 general obligation bonds (Aa3/AA/AA-) through Piper Jaffray & Co.

The deal includes $189 million of series 2013A G.O. bonds, which are due 2014 to 2033, and $36 million of series 2013A G.O. refunding bonds, which are due 2014 to 2025.

Proceeds from the offering will be used to finance capital improvements to the university and to refund its series 2004A, 2005A and 2006A G.O. bonds.

Dasny to sell debt

One of the larger offerings in the week ahead comes from the Dormitory Authority of the State of New York, which plans to sell $672,335,000 of series 2013 state personal income tax revenue bonds competitively on Tuesday.

The deal includes $627,705,000 of series 2013A tax-exempt bonds and $44.63 million of series 2013B taxable bonds.

The proceeds from the bonds (//AA) will be used to finance or reimburse all or a portion of the costs of capital projects for the State University of New York for educational facilities, SUNY Upstate Community College facilities and City University of New York for senior college and community college facilities, as well as to finance certain required state matching contributions to the water pollution control revolving fund.

Dallas airport bonds price

The Cities of Dallas and Fort Worth, Texas, released details on their $416,315,000 sale of series 2013D non-AMT joint revenue refunding bonds for the Dallas-Fort Worth International Airport on Friday.

The bonds (A2/A+/A) were sold through senior managers Loop Capital Markets LLC and BofA Merrill Lynch.

The bonds are due 2014 to 2033 with 2% to 5.25% coupons and 0.48% to 5.00% yields. The bonds priced Thursday, and in repricing, short bonds were dropped by 15 bps, market sources reported.

Proceeds will be used to refund the airport's series 2003A revenue bonds.

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