March 31 Debt sales by states, cities, schools
and other issuers in the U.S. municipal market slumped 10.1
percent to $85.87 billion in the first quarter of 2017, compared
with the same quarter last year, according to preliminary
Thomson Reuters data on Friday.
Refundings of existing bonds totaling $44.7 billion slightly
outpaced new money issuance of $41.16 billion.
In March, issuance of $29.8 billion was up from $21.8
billion in February, but lagged March 2016's $40.9 billion
In the coming week, sales of bonds and notes are estimated
at nearly $7.5 billion.
Next week's biggest deal is a $778 million Massachusetts
general obligation bond issue pricing through Citigroup on
The deal includes $400 million of bonds with serial
maturities in 2032 through 2037 and term bonds due in 2042 and
2047, according to the preliminary official statement.
Nearly $277.6 million of refunding bonds are due in 2017 and
from 2022 through 2027. Green bonds totaling $100 million carry
serial maturities from 2023 though 2027 and in 2037, as well as
a 2047 term maturity.
Meridian Health will sell $620 million of new and refunding
revenue bonds through the New Jersey Health Care Facilities
Financing Authority. Bank of American Merrill Lynch is scheduled
to price the bonds on Wednesday.
Flows into U.S. municipal bond funds perked up in the week
ended March 29. The funds reported net inflows of $265 million,
up from $173.5 million in the prior week, according to Lipper, a
unit of Thomson Reuters.
(Reporting by Karen Pierog; Editing by Jeffrey Benkoe)