Municipal Market 7.30

California’s East Bay Municipal Utility East Bay MUD Pricing District issued $82.4 million of revenue bonds Tuesday with lower yields on the front end of the curve than when the issuer sold debt in May. Two-year debt sold with yields at 0.25 percent, versus 0.29 percent in May, and was richer than Bloomberg’s AAA muni benchmark scale. Debt maturing after 10 years was priced with lower yields than the last time the issuer came to market, but priced with spreads up to 36 basis points, or 0.36 percentage points, above the AAA benchmark scale. The bonds Tuesday were priced by Morgan Stanley and carried a rating of Aa2 by Moody’s, AAA by Standard & Poor’s and AA+ by Fitch.

— Taylor Riggs

This article was taken from the Bloomberg Brief Municipal Markets Newsletter.
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