By Sheri Kasprzak
New York, July 22 - Minnesota sold $465.7 million in series 2008 general obligation bonds (//AAA) on Tuesday, said Kathy Kardell, debt manager for general obligation bonding at the state treasurer's office.
The sale included $275 million in series 2008A bonds, $33.5 million in series 2008B bonds and $157.2 million in series 2008C refunding bonds.
The 2008A bonds are due from 2009 to 2028 with coupons from 4.625% to 5% and yields from 1.5% to 4.74%.
The 2008B bonds are due from 2009 to 2028 with coupons from 3.25% to 5% and yields from 1.8% to 4.68%.
The 2008C bonds are due from 2009 to 2019 with 5% coupons across the board. The yields range from 1.5% to 3.96%.
Lehman Brothers was the winning bidder for the series 2008A and 2008C bonds, and UBS Securities was the winner of the 2008B bonds.
Proceeds from the sale will be used for capital projects throughout the state, including construction on the state's trunk highway system, and for refunding the state's series 1999 and 2000 general obligation bonds.
| Issuer: | Minnesota
|
| Issue: | Series 2008 general obligation bonds
|
| Amount: | $465.7 million
|
| Type: | Competitive
|
| Underwriters: | Lehman Brothers (for 2008A and 2008C); UBS Securities (for 2008B)
|
| Rating: | Fitch: AAA
|
| Pricing date: | July 22
|
|
|
| Series 2008A
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 5% | 1.50%
|
| 2010 | Serial | 5% | 2.15%
|
| 2011 | Serial | 5% | 2.62%
|
| 2012 | Serial | 5% | 2.85%
|
| 2013 | Serial | 5% | 3.05%
|
| 2014 | Serial | 5% | 3.23%
|
| 2015 | Serial | 5% | 3.40%
|
| 2016 | Serial | 5% | 3.55%
|
| 2017 | Serial | 5% | 3.68%
|
| 2018 | Serial | 5% | 3.80%
|
| 2019 | Serial | 5% | 3.96%
|
| 2020 | Serial | 5% | 4.11%
|
| 2021 | Serial | 5% | 4.21%
|
| 2022 | Serial | 5% | 4.28%
|
| 2023 | Serial | 5% | 4.34%
|
| 2024 | Serial | 5% | 4.41%
|
| 2025 | Serial | 5% | 4.47%
|
| 2026 | Serial | 4.625% | 4.66%
|
| 2027 | Serial | 4.75% | 4.69%
|
| 2028 | Serial | 4.75% | 4.74%
|
|
|
| Series 2008B
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 4% | 1.80%
|
| 2010 | Serial | 3.25% | 2.15%
|
| 2011 | Serial | 3.25% | 2.60%
|
| 2012 | Serial | 4% | 2.95%
|
| 2013 | Serial | 3.5% | 3.05%
|
| 2014 | Serial | 4% | 3.32%
|
| 2015 | Serial | 4% | 3.47%
|
| 2016 | Serial | 5% | 3.55%
|
| 2017 | Serial | 4% | 3.70%
|
| 2018 | Serial | 4% | 3.82%
|
| 2019 | Serial | 4% | 3.98%
|
| 2020 | Serial | 4.125% | 4.15%
|
| 2021 | Serial | 4.125% | 4.20%
|
| 2022 | Serial | 4.5% | 4.36%
|
| 2023 | Serial | 4.5% | 4.42%
|
| 2024 | Serial | 5% | 4.35%
|
| 2025 | Serial | 4% | 4.52%
|
| 2026 | Serial | 4.5% | 4.58%
|
| 2027 | Serial | 4.5% | 4.63%
|
| 2028 | Serial | 5% | 4.68%
|
|
|
| Series 2008C
|
| Maturity | Type | Coupon | Yield
|
| 2009 | Serial | 5% | 1.50%
|
| 2010 | Serial | 5% | 2.15%
|
| 2011 | Serial | 5% | 2.62%
|
| 2012 | Serial | 5% | 2.85%
|
| 2013 | Serial | 5% | 3.05%
|
| 2014 | Serial | 5% | 3.23%
|
| 2015 | Serial | 5% | 3.40%
|
| 2016 | Serial | 5% | 3.55%
|
| 2017 | Serial | 5% | 3.68%
|
| 2018 | Serial | 5% | 3.80%
|
| 2019 | Serial | 5% | 3.96%
|
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