Education deals are scheduled to lead issuance in both the competitive and negotiated markets on Thursday.
The Florida Board of Education will auction $114.53 million general obligation bonds Thursday morning at 11 a.m., Eastern Time, according to data provided by Ipreo. The deal has maturities ranging from 2015 to 2029. Moody's Investors Service gave the deal a Aa1 while both Standard & Poor's and Fitch Rating rate it triple-A.
Charleston's Educational Financing Authority Corporation will offer the largest negotiated deal of the day, according to information provided by Ipreo. The $113.515 million revenue refunding bond deal is scheduled to price Thursday by a syndicate led by Wells Fargo Securities. The deal is rated Aa2 by Moody's and AA by Standard & Poor's.
The bonds will finance the South Carolina Project, part of the Charleston County School District, according to TM3.
Both deals are expected to be well received as education has been a "hot credit" for municipal buyers recently. Education paper has been able to offer traders much needed yield this the summer as sparse supply has shrunk yields to new lows.
