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Municipals end weaker along with Treasuries; CentraCare Health prices $190.63 million bonds
By Sheri Kasprzak
New York, April 26 – Municipals slipped on the session Tuesday, following in line with weaker Treasuries, amid a lackluster Treasury note auction and stronger durable goods orders, traders said.
Yields on top-rated munis were higher by as much as 2 basis points, a trader said in the afternoon, even as Treasury yields rose as much as 4 bps.
CentraCare deal prices
Among the day’s larger offerings, the City of St. Cloud, Minn., priced $190.63 million of series 2016A health-care revenue bonds for CentraCare Health System. The deal was upsized from $183.84 million.
The bonds (A1//A+) were sold through senior managers J.P. Morgan Securities LLC and Piper Jaffray & Co.
The bonds are due 2026 to 2032 with term bonds due in 2021, 2037, 2039 and 2046. The serial coupons range from 3% to 5% with yields from 2.15% to 3.13%. The 2021 bonds have a 5% coupon and priced at 117.854 to yield 1.28%. The 2037 bonds have a 4% coupon and priced at 106.079 to yield 3.28%, the 2039 bonds have a 3.25% coupon and priced at 96.535 to yield 3.47%, and the 2046 bonds have a 5% coupon and priced at 116.279 to yield 3.09%.
Proceeds will be used to construct a 53,000-square-foot addition to the health system’s Melrose Hospital and to construct a new medical campus and senior residential facility on property adjacent to the existing CCH – Long Prairie property.
RTA prices notes
Over in the competitive market, the Regional Transportation Authority of Illinois priced $150 million of series 2016C taxable general obligation working cash notes.
The notes (Aa3/AA/AA) were sold competitively with Wells Fargo Securities LLC winning the bid at a 1.428% true interest cost.
The notes are due May 4, 2018, have a 1.25% coupon and priced at par.
Proceeds will be used to refinance the authority’s series 2014A-1 working cash notes.
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