New U.S. municipal issuance set for $4.5 billion next week
NEW YORK, Sept 4 (Reuters) - New issuance in the U.S. municipal bond market is set to reach $4.5 billion in the coming week, with the largest sale a $750 million deal by the North Texas Tollway Authority (NTTA), according to data compiled by Thomson Reuters.
New muni bond issuance has tailed off this week and next after bumper quantities coming to market so far this year. So far in 2015 there has been $281.3 billion in new issuance. Through the end of August last year about $192.3 billion had been issued.
U.S. financial markets are closed on Monday for the Labor Day holiday.
NTTA's sale is to refund earlier bonds issued in 2008 and 2009. The bonds are payable from NTTA's toll and other revenue. The authority estimates about $48 billion in net revenue through 2051, according to bond documents.
The bonds are rated "A1" by Moody's Investors Service and "A" by Standard & Poor's.
About $3.1 billion of next week's issuance will be done through negotiated deals while $1.4 billion will be competitive. The total include notes sales of about $824 million.
(Reporting by Edward Krudy; Editing by Matthew Lewis)
