| NEW YORK
NEW YORK May 12 The Los Angeles Unified School
District, California's largest school district, plans to sell
nearly $1.1 billion of general obligation refunding bonds in the
biggest U.S. municipal bond offering next week.
The debt, backed by county property taxes, will refund 2007
bonds that have July 1 call dates. Through lead underwriter
Morgan Stanley, the district will hold a one-day retail order
period on Monday, with institutional pricing on Tuesday,
according to a presentation for prospective bondholders.
The second biggest school district in the United States, Los
Angeles had 625,434 students enrolled in kindergarten through
12th grade in fiscal 2017 and $10 billion of general obligation
It is in the midst of a $25.6 billion to upgrade buildings
and construct new schools.
Altogether, issuers plan to offer an estimated $9.4 billion
of U.S. municipal bond and note sales next week as investors
have maintained a steady interest in the muni market.
Investors have put money into muni funds for the last five
weeks straight. Funds had $605 million of inflows for the week
that ended May 10, the second-biggest week of inflows since
January, according to Lipper, a Thomson Reuters unit.
Other issuers coming to market next week with big deals
include the Dormitory Authority of New York, for New York
University taxable bonds, and the District of Columbia.
(Reporting by Hilary Russ; Editing by Leslie Adler)