Last week's new-issue activity was headlined by a pair of negotiated deals, the larger of which was a $527.3 million Los Angeles Department of Water and Power. Senior-managed by Bank of America Merrill Lynch, the power system revenue bond issue was priced with a final maturity in 2031 that carried a 3% coupon and 3.10% yield. The bonds are rated Aa3 by Moody's, and AA-minus by Standard & Poor's and Fitch. The New York City Municipal Water Finance Authority sold $455.95 million of second general-resolution revenue bonds in a Barclays Capital-led deal that was priced with trifurcated coupons of 3.75%, 4% and 5% in the 2047 bullet maturity that was priced to yield 3.85%, 3.75% and 3.50%, respectively. The deal's one-day retail order period last Tuesday generated $56 million in orders, and the bonds are rated Aa2 by Moody's and AA-plus by Standard & Poor's and Fitch.