July 28 (Reuters) – The Bay Area Toll Authority plans to sell $1.1 billion of San Francisco Bay Area Toll Bridge revenue bonds, the largest bond deal of $8.9 billion municipal bonds and notes expected to come to the U.S. municipal market next week, according to preliminary Thomson Reuters data.
The Bay Area Toll Authority operates toll collections and finances improvements for seven state-owned bridges in the San Francisco Bay Area. The authority’s traffic and toll revenue has steadily increased since 2010, according to bond documents.
Next week’s issue will pay to refund the authority’s outstanding bonds. The deal is divided into $550 million of senior bonds and $550 million of fixed rate subordinate bonds.
A number of other transportation-related bonds top the calendar next week. The Washington Metropolitan Area Transit Authority plans to sell $496.5 million of gross revenue transit bonds. Georgia’s Metropolitan Atlanta Rapid Transit Authority plans to issue $252.8 million of sales tax revenue bonds. And Illinois’ Regional Transportation Authority plans to sell $188.4 million of general obligation refunding bonds.
Among the notes slated for next week, the Commonwealth of Massachusetts plans to issue on Wednesday $1.5 billion of general obligation revenue anticipation notes with a maturity of June 2018.
Overall, municipal bond sales next week will be made up of $5.17 billion of bonds from the negotiated calendar and $1.69 billion from the competitive calendar.
(Reporting by Robin Respaut; Editing by James Dalgleish)